3. The Conceptual Framework for Financial Reporting provides guidelines for the preparation of financial statements for the use of external users.

a) Explain the importance of the Conceptual Framework for Financial Reporting.

b) Describe the basic qualitative features and qualitative features that can enhance the usefulness of information as stated in the Conceptual Framework for Financial Reporting.

c) Describe the practices implemented to implement the following features in financial reporting:

(i) Comprehensibility

(ii) Comparability

(iii) Validity

(iv) Timing