Take the following as truth: 2 lists criteria for including components in Federal reporting entities (see pp. 75-77) and provides the following guidance with regard to components required by law or policy to issue financial statements prepared in accordance with accounting standards other than those constituting Federal GAAP.
Then the following statement: "Some of the guidance about components can be ignored, but pay strict attention to the legal requirements." is true, false, or inconclusive?
Answer: Inconclusive