Which of the following statements are true in terms of IAS 1? Select the three best responses, and then click Submit The financial statements should be identified clearly from other information in the same published document. The financial statements should be presented annually. If they are not presented annually, there are specific disclosure requirements. An entity must disclose current and non-current assets and liabilities as separate classifications on the face of the statement of financial position without exception. Entities presenting the statement of profit or loss and other comprehensive income using the by function method need to disclose depreciation and employee benefit costs separately. At year-end, your colleague asks for advice regarding one of his clients. The client has a bonus scheme that defers the payment of bonuses for 18 months. After the 18- month period, the bonus is paid to the employees. The entity's normal operating cycle is not clearly identifiable, as it owns several smaller businesses operating in entirely different industries. At year-end, when the bonuses are declared, will these bonuses be considered current or non-current? Assume that the client has not adopted the amendments to IAS 1 Classification of Liabilities as Current or Non-current issued in January 2020. Select the best response, and then click Submit Current, because these employee costs are part of the working capital used in the normal operating cycle of the business. These liabilities are classified as current even if they are to be settled after more than 12 months after the reporting period. Current, because the payment of bonuses is due to be settled within 18 months of the year-end. Non-current, because the payment of bonuses will not be setled within the entity's normal operating cycle. Non-current, because the client has the right to defer the payment of bonuses for more than 12 months after the reporting period. Sehen Q Which of the following can be excluded from the financial statements in accordance with IAS 1? Select the best response, and then click Submit The entity's sources of funding and its targeted ratio of liabilities Information that is required by IFRS Standards but is already presented in the management commentary Information about the basis of preparation and the specific accounting policies selected by the entity Notes cross-referenced to the face of the financial statements