Question Details

Under International Financial Reporting Standards (IFRS) notes to the financial statements must qualify as an element



TRUE OR FALSE:
1.	The International Accounting Standards Board has given companies the option of using fair value to report financial liabilities.

	2.	Under International Financial Reporting Standards (IFRS) product costs are charged off in the immediate period and period costs may be carried into future periods.

	3.	Under International Financial Reporting Standards (IFRS) notes to the financial statements must qualify as an element.

	4.	Under International Financial Reporting Standards (IFRS) supplementary information may be information that is high in relevance but low in reliability.

	5.	The cost-benefit constraint included in the International Accounting Standards Board- conceptual framework states that financial information should be free from cost to users of the information.




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