In order to fulfil their purpose, the financial statements must possess certain qualities. As per the Conceptual Framework for the preparation and presentation of financial statements, the qualitative characteristics of financial statements are divided into two main groups which are fundamental and enhancing qualitative characteristics. REQUIRED: Explicate fundamental and enhancing qualitative characteristics of financial statements as offered in the IASB Conceptual framework (10 marks). Conceptual framework is a structure which helps an "entity to decide on how to treat" items that need to be included in the financial statements. REQUIRED: In form of a briefing note to the Managing Director of Maroroso Company Limited, Discuss the importance of the IASB Conceptual Framework