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Which of the following statements most accurately describes the general features of financial statements under IFRS?

A Assets may not be offset against liabilities unless specifically permitted or required by a standard.

One of the general requirements stated in IAS No. 1 is that firms not offset assets against liabilities unless a specific standard permits or requires it. The statement of cash flows is not prepared using accrual accounting. IAS No. 1 states that firms should present comparative information for prior periods unless a specific standard states otherwise.