IASB's conceptual framework for financial reporting sets out the objectives and fundamental principles that will guide the development of financial accounting and reporting standards. The purpose of a financial report is defined by its objectives. The characteristics or qualities of information discussed in the conceptual framework are the concepts that make information useful and the qualities sought when making accounting choices. 

Question: 

i. Explain the benefits that the firms derived from the Conceptual Framework in preparing their financial statements. 

ii. Explain the most essential quality for accounting information as stated in the Conceptual Framework? Justify your answer with an example.