IASB's conceptual framework outline the qualitative characteristics as an important component of the conceptual framework. Required: a. Outline the two main qualitative characteristics of the conceptual framework and their individual components. b. State the main characteristics of an asset and discuss. c. Briefly discuss the relationship between the accrual and matching concept in accounting. d. Some persons are of the view that ALL assets are legally owned by reporting entities and ALL liabilities are legally owed at the reporting date. Do you agree