The IASBs conceptual framework comprises the underlying concepts, definitions, relations and assumptions relevant for financial reporting by business enterprises. It provides accountants with a structure on which they can base their judgement when deciding what accounting issues should be addressed and how they should be accounted for. It also provides uniformity across companies and countries in the preparation and presentation of accounts so that users can compare one company with another without having to translate information from other systems or languages. In light of the above, discuss the importance of the IASBs conceptual framework for financial reporting.