Respond that the following statements are true or false 1. Combined financial statements generally are acceptable under

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Respond that the following statements are true or false

1. Combined financial statements generally are acceptable under IFRS. Is this statement true or false?

2. In limited circumstances, consolidation may not be required, even when consolidation criteria are met under US GAAP and IFRS. Is this statement true or false? Explain.

3. A parent and its consolidated subsidiary are permitted to have different accounting policies under both US GAAP and IFRS. Is this statement true or false?

4. Under IFRS, when there is a change in ownership that does not result in a change in control a company can choose either the full fair-value method or the fair-value-of-the-identifiable-net-assets method to value these ownership changes. Is this statement true or false?

5. Both US GAAP and IFRS have a scope exception when it comes to consolidating investment companies.