please help me with this,i need explanation step by step.

TUTORIAL 2: THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 1. What is the Conceptual Framework for Financial Reporting? 2. What is the underlying assumption in preparing financial reporting information? 3. What are the two primary qualities that make nancial information useful for decision- making? 4. Explain why the Conceptual framework is needed even though there are nancial reporting standards to guide financial reporting practice? 5. For each of the following situation, identify the qualitative characteristics that may not be present, by providing appropriate justification for your answers: a] Syarikat Permata has decided to issue the rst quarter nancial report only after the second quarter report has been prepared, in an effort to ensure that there are no long intervals in between the issuance of the reports. b) Guna Industries switched from weighted average method to FlFt'J| in 2013, and switched back from FIFO to weighted average method in 2014 for inventories. c] Normad Construction entered into several transactions for the purpose of hedging in the current period. However, no disclosure were made with regard to these transactions to avoid confusion amongst users of financial statements as the transactions involved were complex. d] Mewah Industries has decided to report its head office building at fair value as at the end of the current reporting period. Three different appraisers have arrived at substantially different amounts for its fair value. The board has decided to use the middle range value for financial reporting purposes so as to not overstate or understate the fair value of the building