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uestion 1 Conceptual Framework The following extract is taken from the article "A tale of 'prudtance'\" by Steve Cooper, which you were required to read as part of the course. It may seem obvious that prudence is a desirable thing when preparing nancial information; after all, would you wish for imprudent accounting? However, establishing the characteristics of useful financial reporting has long proved difcult and controversial. Until 201i}, prudence was included in the International Accounting Standards Board's [iASB] Conceptual Framework. In the EDIE revision we removed the reference to prudencey but we are now proposing to put prudence back. So why is the IASB seemingly so indecisive? And why should investors care? Required Briey outline the following: i] how prudence is defined in the M53 conceptual framework {2 monks} ii] how faithful representation is dened in the IASB conceptual framework {4 marks} iii} an example stated in the full article, supporting conservatism in accounting ['3' monks} iv] why the IASB removed prudence from the conceptual framework {2 marks} v] why investors may support the reinclusion of prudence in the conceptual framework {4 marks]