Question: 1. Explain what is meant by a conceptual framework for financial reporting and list the main purposes of the IASB Conceptual Framework for Financial Reporting.

1. Explain what is meant by a "conceptual framework" for financial reporting and list the main purposes of the IASB Conceptual Framework for Financial Reporting.

2. Identify and explain the qualitative characteristics of useful financial information, distinguishing between fundamental characteristics and enhancing characteristics.

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