. 1 No Spac. Heading 1 Heading 2 1 Normal anap 1061 = 20 mans) Question 2 (a) The Conceptual Framework for Financial Reporting identifies faithful representation as a fundamental qualitative characteristic of useful financial information Required: Distinguish between fundamental and enhancing qualitative characteristics and explain why faithful representation is important. (5 marks) b) IFRSs are developed through a formal system of due process and broad intemational consultation involving accountants, financial analysts and other users and regulatory bodies from around the world. The overall agenda of the IASB will initially be set by discussion with the IFRS Advisory Council Required Describe the steps involved in the due process for developing an individual standards marks) c) You have been recently appointed as the technical manager of Smart Consultancy Services (SCS] SCS... provides training and consultancy advice to companies which prepare financial statements using International Financial Reporting Standards (IFRSs). The managing partner of Scs has asked you to prepare the advice to be given to several clients in respect of the accounting requirements of non-current assets for the year ended 31 December 2019. | Examiners: F. Kwaku Aboagye-Otchere & A. Addo Page 3 of 6