If financial information is to be useful, it must be relevant and faithfully represent what it purports to represent. The usefulness of financial information is enhanced if it is comparable, verifiable, timely and understandable (IASB Conceptual Framework for Financial Reporting 2010). Required: (a) Identify and explain the fundamental and enhancing characteristics of financial information, as defined by the IASB. (10 marks) (b) Critically evaluate the use of a conceptual framework as a frame of reference for the regulation of financial reporting. Your critical evaluation should be developed using independent wider reading of quality academic sources. (15 marks)