Question 2 a. The Conceptual Framework for financial reporting explains the generally accepted theoretical principles and concepts that form the basis for preparation of financial Statements. These principles help in the development of new and existing standards. Hence, the absence of the conceptual framework will pose a threat to financial reporting. Required: Discuss five (5) implications of the absence of a conceptual framework. (10 marks) b. Explain the following underlying assumptions and accounting concepts used in financial reporting i. ii. iii. iv. V. Periodicity Monetary Unit Historical Cost Matching Going Concern (5 marks) (Total:15 marks)