You have overheard the following statements:

1. The role of independent auditors is to prepare the financial statements of the company.

2. International Accounting Standards (IASs) apply to all UK companies, but London Stock Exchange listed companies must also adhere to International Financial Reporting Standards (IFRSs).

3. All listed companies in the European Union states must follow IASs and IFRSs.

4. According to IAS 1, companies financial statements must show an accurate representation of what they purport to show.

5. IAS 1 leaves it to individual companies to decide the format that they use in the statement of financial position.

6. The statement of changes in equity deals with unrealised profits and gains, for example an upward revaluation of a non-current asset.

7. If a majority of the shareholders of a listed company agree, the company need not produce a full set of financial statements, but can just produce summary financial statements.

Critically comment on each of these statements.