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TRUE OR FALSE A. Standard may be worthwhile to improve relevance or reliability of information in the longer term. Appropriate disclosures may fully compensate for

TRUE OR FALSE

A. Standard may be worthwhile to improve relevance or reliability of information in the longer term. Appropriate disclosures may fully compensate for the inability of users to compare information in some instances

B. In the extremely rare circumstances when management concludes that compliance with this Standard would be so misleading that it would conflict with the objective of financial statements of SMEs set out in Section 2, the entity shall depart from that requirement in the manner set out in paragraph 3.5 unless the relevant regulatory framework prohibits such a departure.

C. An entity changes the presentation of its financial statements only if the changed presentation provides information that is reliable and more relevant to users of the financial statements and the revised structure is likely to continue, so that understandability over time is not impaired

D. If an entity discovers an error in the financial statements of a current period, the error is corrected by retrospective restatement (ie the comparative information is restated). Retrospective restatement provides useful informationthe information is more relevant, more reliable and more comparable

E. An entity changes the presentation of its financial statements only if the changed presentation provides information that is reliable and more relevant to users of the financial statements and the revised structure is likely to continue, so that comparability over time is not impaired

F. An entity that claims compliance with the IFRS for SMEs Standard elects to present earnings per share in accordance with IAS 33 Earnings per Share. The entity discloses that fact and adequately describes the basis for preparing and presenting earnings per share in its annual financial statements

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