1. A contingent liability that is probable is accrued on the financial statements.

2. All accounting policy changes are retrospective adjustments.

3. All related party transactions are disclosed in the notes.

4. A company reporting using IFRS must have a note stating that the accounting policies are in compliance with the International financial reporting standards.

5. All events after the reporting date and before the financial statements are issued must be adjusted.

Required:

Indicate whether each statement is true or false.