The primary difference between Tier 1 and Tier 2 IFRS relates to O None of the other answers. 0 Measurement requirements. O Size of the entity. O Recognition requirements. O Disclosure requirements. If the management of a business believes that following IFRS will not result in a fair presentation of financial position and performance Then IFRS need not be followed if the IASB grants an exemption. O Then IFRS must still be followed, but extensive notes explaining the disagreement are required. O More than one of the other answers is true. O Then IFRS need not be followed if the XRB grants an exemption. O Then IFRS need not be followed, but extensive notes explaining the departure are required. The Conceptual Framework discusses prudence within the context of faithful representation. Suppose the company you are auditing must recognise an asset whose value is estimated to be in a range from $900,000 to $500,000. What should you conclude? o Conservative prudence as a valuation justification has been rejected by the IASB. O None of the other answers. O Choosing a value of $500,000 is a proper application of prudence. O More than one of the other answers. O Choosing a value of $900,000 is a proper application of prudence