1 What is externality and would externalities directly impact the income or expenses (and therefore profit) of the organisation? Using the entity principle definition of assets and expenses and recognition criteria of the elements of accounting contained in the IASB conceptual framework for financial reporting, explain why the conventional financial accounting practice tends to ignore environmental and social impacts caused by the organisations? Prepare examples to support the answers. 2 using the positive accounting theory and Legitimacy accounting theory, explain why corporations would be motivated to voluntary disclose environmental and social information using reporting framework such as Global reporting initiative (GRI) standards or international integrated reporting framework (IIRC)