(b) Discuss the need for a conceptual framework in financial accounting and explain fully the limitations of the International Accounting Standards Board (IASB) Conceptual Framework. (10 marks) (c) Using appropriate examples explain how reversal of impairment loss must be treated according to IAS 36 Impairment of Assets, and discuss why reversal of impairment loss for goodwill is prohibited by IAS 36. (10 marks) Question 2 (40 marks) (a) Discuss whether the requirements to revalue intangible assets according to IAS 38 Intangible Assets, ensure that useful accounting information is provided to users of accounting information. (9 marks) (6) IFRS 16 Leases has replaced IAS 17 Leases. Using appropriate examples, explain fully how the new accounting standard on leases has affected the financial