1. Which of the following is not included in a complete set of financial statements according to IAS 1 Presentation of Financial Statements? A. A profit or loss statement.
   2. A balance sheet statement.
   3. Details of accounting policies adopted.
   4. Directors report.
2. Which of the following about the selection of accounting policies according to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is the most correct?
   1. Where no specific IFRS requirements exist, management should rely on the IFRIC for guidance.
   2. After management has selected their appropriate accounting policies, they should link these to applicable IFRSs.
   3. Management can refer to the implementation guidance associated with the relevant IFRS, however this is not mandatory.
   4. Management should first determine the applicability of IFRSs before selecting accounting policies appropriate for their entity.
3. Which of the following about changes in accounting policies is correct?
   1. Changes can be made at any time provided they are adequately disclosed according to the requirements of IAS 8.
   2. An entity can make a change at any time provided it improves the results reported in the financial statements of the entity.
   3. Changes are permitted when the change will result in more relevant and reliable information about the entity.
   4. Accounting policies must be consistently applied and no changes are permissible unless transitional provisions for new IFRSs are available.