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IF statements in Microsoft Word templates allow for dynamic comparison of values to display document content based on the comparison result. IF fields are useful for comparing values of composer merge fields, such as displaying domestic or international shipping rates on invoices based on the account billing country. Components of IF statements include expressions to compare, operators (equal to, not equal to, etc.), true text for when comparison is true, and false text for when it is false. This enables conditional display of shipping information based on the account billing country.