Question 3 The development of the IASB Conceptual Framework for Financial Reporting over the years has led to the IASB producing a body of accounting standards that have the advantages for those companies that adopt them. The Framework is also of value to auditors, and the users of financial statements, and more generally help interested parties to understand the IASB's approach to the formulation of an accounting standard. Required: Summarize the contents (scope) of the IASB's Conceptual Framework for Financial Reporting. (May 2019 Prof. Examinations Financial Reporting (Paper 2.1)-ICAG Question 3 The development of the IASB Conceptual Framework for Financial Reporting over the years has led to the IASB producing a body of accounting standards that have the advantages for those companies that adopt them. The Framework is also of value to auditors, and the users of financial statements, and more generally help interested parties to understand the IASB's approach to the formulation of an accounting standard. Required: Summarize the contents (scope) of the IASB's Conceptual Framework for Financial Reporting. (May 2019 Prof. Examinations Financial Reporting (Paper 2.1)-ICAG