Question: SECTION B Answer any 1 question from this section. QUESTION TWO i. The qualitative characteristics of relevance, faithful representation and comparability identified in the IASB's

SECTION B Answer any 1 question from this section. QUESTION TWO i. The qualitative characteristics of relevance, faithful representation and comparability identified in the IASB's Framework for the preparation and presentation of financial statements (Framework) are some of the attributes that make financial information useful to the various users of financial statements. Required: Discuss the concept of relevance, faithful representation and comparability and how they make financial information useful. (20 marks) i. Define 'equity', and explain why the conceptual framework does not prescribe any recognition criteria for equity. (15 marks)

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