General purpose financial reporting is regulated through the IASB conceptual framework and accounting standards. a) Explain why lenders or investors might still be able to obtain financial reports in an unregulated environment [10 marks] b) Discuss how the limitations of unregulated financial disclosure can be addressed through the conceptual framework and accounting standards. [10 marks]. Question 2 Compare and contrast public interest theory and private interest theory: a) Outlining the main features of each theory [10 marks]. b) Explaining which groups in society are likely to benefit from regulation under each theory. You may refer to the article by Chand and White (2006) provided on the course Moodle site [10 marks]