Part 1 Discussion questions 1. Describe the standard-setting process/steps of the IASB. (10 marks) 2. Identify the potential benefits of a single set of international accounting standards. ( 10 marks) 3. Outline the fundamental and enhancing qualitive characteristics of financial reporting information to be considered when preparing general purpose financial statements. (10 marks) 4. What are the basic components (levels) of the Conceptual Framework? (10 marks) 5. What are the benefits/usefulness of the conceptual framework? (10 marks) 6. Discuss the importance (implications) of the going concern assumption to the practice of accounting. (15 marks): Please answer based on the information provided the PPT or book, Part 2 Fill in the blanks. Fill in the blanks below with the accounting principle, assumption, or related item that best completes the sentence. 1. and are the two fundamental qualities that make accounting information useful for decision making. ( 5 marks) 2. Information that helps users confirm or correct prior expectations has -.. (5 marks) 3. enables users to identify the real similarities and differences in economic events between different companies. ( 5 marks) 4. An item is if omitting it or misstating it could influence decisions that users make on the basis of the reported financial information. ( 5 marks) 5. The characteristic requires that the same accounting method be used from one accounting period to the next. ( 5 marks) 6. Providing information that is of sufficient importance to influence the judgment and decisions of an informed user is referred to as. (5 marks) 7. Corporations must prepare accounting reports at least yearly due to the assumption