QUESTION 1 (36 marks) BACKGROUND THE COMPATIBILITY OF REPORTING FRAMEWORKS WITH THE PARADIGM SHIFTS THAT DRIVE THE FOURTH ECONOMY: AN ASSESSMENT In the foreword to King IV (IoDSA: 2016), it is stated that the foundation stones thereof are based on three interconnected paradigm shifts that have occurred in the corporate/governing world, These paradigm shifts should have reminded you of the Conceptual Framework for ecological Economics, as suggested by Capra and Jakobsen (2017).] In addition to the learning units, use the following sources to answer questions 1.1 to 1.2: - ARTICLE: A conceptual framework for ecological economics based on systemic principles of life(Capra & Jakobsen 2017). (Pages 836 to 838 and 840 to 843.) - 2018 IFRS Conceptual Framework for Financial Reporting (Chapter 2: Qualitative characteristics of useful financial information; paragraphs 2.5 to 2.18). REQUIRED: 1.1 Assess the compatibility of the Conceptual Framework for Ecological Economics with the interconnected paradigm shifts that drive the Fourth Economy by discussing how Principle 2 - the economy as a set of networks included in the Conceptual Framework for Ecological Economics relates to the three interconnected paradigm shifts that drive the Fourth economy. (9 marks) 1.2 Assess the compatibility of the 2018 IFRS Conceptual Framework for Financial Reporting with the interconnected paradigm shifts that drive the Fourth Economy by discussing how the fundamental qualitative characteristics relevance and faithful representation relate to ANY ONE of the three paradigm shifts. (6 marks) BACKGROUND Refer to LEARNING UNIT 4: KING IV, Paragraph 4.8: THE IMPACT OF INTEGRATED REPORTING/KING IV PRACTICES ON CORPORATE GOVERNANCE OUTCOMES. REQUIRED 1.3 Identify one accounting irregularity concerning the accounting policies and/or practices, and the business policies and/or practices of Steinhoff International Holdings N.V. (Steinhoff) in respect of Steinhoffs 2016 and/or 2017 financial periods and explain what the irregularity entailed, motivated by at least one factual example. (3 marks) 1.4Name and describe (in your own words): - two of the six capitals as stated in the 2021 International Integrated Reporting Framework (IIRF); and - two basic concepts as stated in the Glossary of Terms in King IV that in your opinion were highly impacted as a result of the irregularity that you identified in Question 1.3 above. (8 marks)