Concepts, ethics and sustainability [AF-CON]

An entity's financial statements are described as giving a "true and fair view" (fair presentation). Which statement is correct?

Applying IFRS Accounting Standards, with additional disclosure where necessary, is presumed to result in fair presentation
The statements are guaranteed to be free of any misstatement
The statements show the exact market value of all assets and liabilities at the reporting date
The statements contain no estimates or judgements
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