Which of the following is NOT true? Economic resources and claims against the entity refers to the entity's assets and liabilities In order to have consistency of presentation, an entity is allowed to retrospectively apply changes in accounting policies only in three (3) instances; when required by a standard, when another presentation or classification would more appropriate and would provide a more relevant and barely represented financial information, and last if the management wants to change it provided there is an approval from the board of directors. One of the primary users of the financial reports are those persons who might have an interest in investing in the company The objective of general purpose reporting is to provide information about the reporting entity that is useful to primary users