Choose TRUE if the statement if correct and choose FALSE if the statement if incorrect.*

1.PFRS purpose is to serve as a guide in developing, understanding and interpreting the Conceptual framework 2.Conceptual framework is a standard that prevails when there is a conflict with the conceptual framework 3.Special purpose financial reporting is concerned with the common needs of a particular user of financial statement 4.The primary users of the financial statement are the investors and the management of the company 5.Fundamental qualitative characteristics of financial information are relevance, faithful representation and timeliness 6.Enhancing qualitative characteristics of financial information are verifiability, consistency, understandability and timeliness 7.Legal entity is one that is required, or chooses to prepare financial statements 8.Asset is a present economic resources controlled by the entity as a result of past transaction that provided probable future economic benefit to the entity. 9.Liability is a past obligation as a result of current events 10.An item is recognized if it ceases to meet the definition of an asset or liability 11.Financial capital maintenance cocept require a particular measurement basis. 12.Off-setting is generally allowed by the standards 13.All financial statements apply accrual basis of accounting 14.Current value measurement include fair value, value in use and present value 15.Historical cost of a liability is the consideration received to incur the liability plus transaction cost