Question: a) The IASBs Framework Conceptual Framework for Financial Reporting requires financial statements to be prepared on the basis that they comply with certain accounting concepts,

a) The IASBs Framework Conceptual Framework for Financial Reporting requires financial statements to be prepared on the basis that they comply with certain accounting concepts, underlying assumptions and (qualitative) characteristics. Five of these are: Matching/accruals Faithful representation Prudence Comparability Materiality Required:

Briefly explain the meaning of each of the above concepts/assumptions

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