Question: Q 2 - 1 . What is the conceptual framework for financial reporting?Q 2 - 2 . Are the FASB and IASB conceptual frameworks fully

Q2-1. What is the conceptual framework for financial reporting?Q2-2. Are the FASB and IASB conceptual frameworks fully converged? Explain.Q2-3. Why is a conceptual framework of accounting necessary and justifiable?Q2-4. Who are the primary financial statement user groups identified in the objective of financial reporting?Q2-5. Explain the concept of relevance.

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