Question: Question 2 (7.5 Marks) A conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for financial reporting, which

Question 2 (7.5 Marks) A conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for financial reporting, which provide the basis for the development of new accounting standards and the evaluation of those already in existences Required: Discuss why it is imperative to have a conceptual framework for financial reporting

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