QUESTION 1 The financial reporting process is concerned with providing information that is useful in the business and economic decision-making process. Therefore a conceptual framework will form the theoretical basis for determining which events should be accounted for, how they should be measured and how they should be communicated to the user. Although, theoretical in nature, a conceptual framework for financial reporting has practical aims. Required: Discuss whether an agreed international framework for financial reporting is needed in order to resolve practical accounting issues. QUESTION 2 The IASB's conceptual framework for financial reporting states that the qualitative characteristics of financial statements are the attributes that make financial information useful. Required: Explain the fundamental and enhancing qualitative characteristics