Q8:A)why the faithful representation is very important to users of financial statement ? B)what is the major purposes of financial reporting? Q9:A) omitted B)Explain the fair value option under IAS. And when related unrealized gain or loss should be reported (provide two examples). C)Provide two examples of assets and liabilities reported at fair value under FASB and how the related unrealized gain or loss should be reported(include in your discussion the justification for this reporting practice). D) Explain the full disclosure principle and its importance for financial reporting and users of financial statement