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D Question 9 6 pts What is an externality, and would externalities directly impact the income or expense (and therefore profit) of the organisations? Using the 'entity principle', definition of assets and expenses, and recognition criteria of the elements of accounting contained in the IASB Conceptual Framework for Financial Reporting, explain why the conventional financial accounting practice tends to ignore environmental and social impacts caused by organisations? Provide examples to support your answer. it Format Tools Table 12 V