The following extract is from the IASB Conceptual Framework for Financial Reporting published in March 2018: The Conceptual Framework for Financial Reporting (Conceptual Framework) describes the objective of, and the concepts for, general-purpose financial reporting. The purpose of the Conceptual Framework is to: 

● Assist the International Accounting Standards Board (Board) to develop IFRS Standards (Standards) that are based on consistent concept

● Assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy.

● Assist all parties to understand and interpret the Standards.

Required:

(a) Define a conceptual framework.

(b) Critically examine whether the purpose of the Conceptual Framework has been achieved given the detailed content.