1. The Conceptual Framework for Financial Reporting sets and discusses the objective and fundamentals that serve as the basis for developing financial accounting and reporting standards in different countries. The fundamentals are the underlying concepts of financial accounting that guide the selection of transactions, events, and circumstances to be accounted for their recognition and measurement; and the means of summarizing and communicating them to interested parties. The objective identifies the purpose of financial reporting. With proper reference and citation, complete the following- Required: (total 60 marks) (15 marks) a Identify and discuss the benefits that can be expected to be derived from the Conceptual Framework. (5 marks) b What is the most important quality for accounting information as identified in the Conceptual Framework? Explain why it is the most important. (10 marks) c Assuming that the International Accounting Standards Board (IASB) is considering revising an important accounting standard. Discuss and explain the desired benefit from revising an accounting standard, and some of the possible costs that could result from a revision of an accounting standard and discuss what the IASB will do in order to assess possible benefits and costs of a proposed revision of an accounting standard