$1\mathrm{.}11\mathrm{.}1\mathrm{.}11\mathrm{.}1\mathrm{.}21\mathrm{.}1\mathrm{.}31\mathrm{.}1\mathrm{.}41\mathrm{.}1\mathrm{.}5$ The International Accounting Standards Board's $($IASB$)$ framework, the concept of fair presentation, and compliance with International Financial Reporting Standards $($IFRS$)$ in the context of financial reporting are of importance. Analyse the need for a regulatory framework to ensure transparency, comparability, and reliability in financial reporting practices by answering the questions below. Explain the purpose and key components of the IASB's framework for financial reporting. $(5)$ Define the concept of fair presentation in financial reporting and discuss its significance. $(5)$ Evaluate the benefits of compliance with IFRS for multinational corporations and investors. $(10)$ Discuss the challenges and limitations associated with IFRS adoption and implementation. $(5)$ Analyse the role of regulatory frameworks in ensuring the effectiveness of IFRS and maintaining financial reporting integrity. $(5)$