:“Financial statements should fairly present the financial position, financial performance and cash flows of an entity. The application of IFRSs, with additional disclosure when necessary, is presumed to result, in financial statements that achieve a fair presentation.”

Required:

“Discuss the issues relating to fair presentation and compliance with International Financial

Reporting Standards. Your answer should address the following:

• The requirements for fair presentation to be achieved;

• In appropriate accounting treatments;

• Where management believes that departure from a requirement in a statement is

necessary.