True or False

1.1 A complete set of financial statements consists of: A statement of financial position as at the end of the period; A statement of comprehensive income for the period; A statement of changes in equity for the period and; A statement of cash flow for the period.

1.2 An entity shall state that the financial statements comply with IFRSs, but only if they comply with ALL the IFRSs.

1.3 IFRSs are standards adopted by the International Accounting Reporting Standards Board (IASB). They comprise of International Financial Reporting Standards and International Accounting Standards (IASs) and the King IV Report.

1.4 When management assesses whether the going concern concept is appropriate, only available information for the twelve months after the end of the reporting period is considered.

1.5 An entity shall present separately each material class of similar items, and present separately items of dissimilar nature or function, unless they are immaterial.

1.6 Gains and losses arising from similar transaction may be offset.

1.7 When the entity reclassifies an item of assets due to the change in nature of the business only the comparative amounts for those assets need be changed.

1.8 When the entity changes the end of its reporting period and presents financial statements for a period longer or shorter than one year, it shall disclose the following: The reason for using a longer or shorter period, and; The fact that comparative amounts have been recalculated.

1.9 Only the domicile and legal form of the entity shall be published, not the country of incorporation and address of the registered office.

1.10 The accounting policies section of the notes to the financial statements shall describe the following: The measurement basis(es), and; Each specific accounting policy that was chosen.