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 Fundamental qualitative characteristics Relevance Representational faithfulness Enhancing qualitative characteristics . Understandability Comparability Verifiability Timeliness Supply Constraints Cost (vs. benefit) Historical cost Current cost Realizable value Present value 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)