The following image represents a conceptual framework which is the basis of accounting in IFRS. Demand Users: investors, lenders, and other creditors Objective: to provide information useful for investment and lending decisions Measurement Historical cost Current cost Realizable value Present value Fundamental qualitative characteristics Relevance Representational faithfulness Enhancing qualitative - characteristics . Understandability Comparability Verifiability Timeliness Supply Constraints Cost (vs. benefit) Recognition Probable and measurable future flows of resources Revenue recognition Elements of financial statements Assets Liabilities Equities .Income -revenue -gains Expenses -ordinary expenses -losses Assumptions Going concern Financial capital maintenance Required: In your own words discuss the CPA Conceptual Framework influences accounting for trade and non-trade receivables. (10 marks)