a) Explain the meaning, purpose and significance of the conceptual framework for financial reporting.

(b) Undertake a review of literature regarding the history and development of the Conceptual Framework for Financial Reporting in the USA, UK, Australia, and globally under the umbrella of the International Accounting Standards Board (IASB).

c) Based upon a review of journal articles, critically discuss academics concerns about the quality (potential benefits and limitations) of the Conceptual Framework for Financial Reporting.