Which of the following statements is false with respect to AASB 1053 and the two-tier reporting system for entities producing general purpose financial statements:

Group of answer choices

Proprietary companies that are not deemed to be small must prepare Tier 1 financial statements.

Tier 2 comprises the recognition, measurement and presentation requirements of Tier 1 but substantially reduced disclosure requirements.

Proprietary companies that are not deemed to be small should at least prepare Tier 2 financial statements.

Tier 1 general purpose financial statements are financial statements that comply with all relevant accounting standards.