discussion of assets, liabilities, revenue and costs is premature and meaningless until the basic principles that will result in a fair presentation of the facts in the form of financial accounting and financial reporting are determined. This fairness of accounting and reporting must be for and to people, and these people represent the various segments of our society This comment may be linked to one of the major criticisms that could be made of the IASB's latest Conceptual Framework document, that the framework does not consider the meaning of the term 'true and fair view' despite this being a fundamental characteristic discussed in International Financial Reporting Standards. Required: a) Discuss the extent to which the IASB conceptual framework satisfies the above definition of fairness in Leonard's comment above. (40 Marks) b) Discuss the extent to which the above criticisms could be justified by reference to specific International Financial Reporting Standards. (40 Marks)