Current Attempt in Progress Presented below are five statements that you are to identify as true or false. 1. 2. 3. 4. 5. IFRS is the term used to indicate the whole body of IASB authoritative literature. Any company claiming compliance with IFRS must follow most standards and interpretations but not the disclosure requirements. The primary governmental body that has influence over the IASB is the IFRS Advisory Council. The overriding requirement of IFRS is for the financial statements to give a fair presentation (or true and fair view). The IASB has a government mandate and therefore does not have to follow due process in issuing an IFRS.

Presented beloware five statements that you are to identify as true or false. 1. IFRS is the term used to indicate the whole body of IASB authoritative Fiterature. 2. Any company claiming compliance with ifR5 must follow most standards and interpretations but not the disclosure requirements. 3. The primary governmental body that has infuence over the IASB is the IFRS Advisory Council. 4. The overridine requirement of IFRS is for the financial statements to give a fair presentation (or true and fair view) 5. The IASB has a government mandate and therefore does not have to follow due process in issuing an IFRS