e. Question 02 Q Select the option that is true in terms of IAS 1. Select the best response, and then click Submit A complete set of financial statements must contain a value added report by management. IAS 1 should be applied in the presentation of all special purpose financial statements that are prepared in accordance with IFRS Standards. The objective of financial statements is to provide useful information on an entity's financial position, financial performance, and cash flows of an entity. IAS 1 encourages a departure from IFRS Standards in situations where management cannot comply with IFRS Standards due to undue cost or effort. Submit

Question 02 Select the option that is true in terms of IAS 1. Select the best response and then cick Submit: A complete set of finandial statements must contain a value added report by management. LS 1 should be applied in the presentation of all special purpose finandal statements that are prepared in accordance with IFRs standards. The objective of finandal statements is to provide useful information on an entitys finandial position, finandal performance, and cash flows of an entity. IAS 1 encourages a departure from IFRS Standards in sitwations where management cannot comply with IFRS standards due to undue cost or effort