Explain of two (2 only) of the similarities or differences (at least one must be a

difference) between the Conceptual Framework and the Accounting Standard. This item is an

extract from the body of a report that the accounting firm would provide to the client.

Accordingly you should include paragraph references to the Standard and the Conceptual

Framework as applicable. Include references, such as the Conceptual Framework and the

Accounting Standard. E.g. Australian Accounting Standards Board (2019) Conceptual

Framework for Financial Reporting, www.aasb.gov.au, accessed X/X/2019.