This Standard prescribes the _______________of ______________________________ to ensure comparability both with the entity's financial statements of __________________

and with the financial statements of other entities. It sets out overall requirements for the presentation of financial statements, guidelines for their structure and _______________________________for their content.

Financial statements are a _______________ of the financial position and ___________of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making ______________________. Financial statements also show the results of management's ________of the resources entrusted to it.

1.

True or false: there is a presumption within the Standard that the application of IFRSs, with additional disclosure when necessary, may not always result in financial statements that achieve a fair presentation. Entities are permitted to rectify inappropriate accounting policies by disclosure of the accounting policies used within the notes or explanatory material.

What type of financial statement is intended to meet the needs of users who are not in a position to demand reports tailored to meet their particular information needs? Which of the following items is/are part of a complete set of financial statements as defined in IAS 1?

Which of the following is not a correct statement in relation to materiality and aggregation under IAS 1?
True or false: offsetting in the statement of comprehensive income or the statement of financial position, except when offsetting reflects the substance of the transaction or other event, detracts from the ability of users both to understand the transactions, other events and conditions that have occurred and to assess the entity's future cash flows.