Question: (a) Briefly explain the conceptual framework for financial reporting. (8marks) (b) There are advantages and disadvantages to having a conceptual framework. What are the advantages

(a) Briefly explain the conceptual framework for financial reporting. (8marks) (b) "There are advantages and disadvantages to having a conceptual framework". What are the advantages and disadvantages of developing a conceptual framework? (You may state THREE (3) advantages and disadvantages each)

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