(a) To be useful, information presented in financial statements must be relevant to the decision making needs of users and also faithfully represent the phenomena that it purports to represent. However, it is generally accepted that standard-setters and preparers are constrained in the extent to which these characteristics are achievable. Required: Explain TWO constraints on relevance and faithful representation of financial statements. (5 marks) (b) Integrated reporting advances the proposition that sustainability reporting and financial reporting are inherently linked and thus would benefit from merging. Required: Discuss how integrated reporting has developed from social and environmental reporting. (5 marks)