Question 1 of 1 Question 1 2 points JKL Pty Ltd has an office building in Bundaberg. The building is valued at $500,000 based on historical cost at the late of acquisition five years ago. In 2019, the Queensland Government approved some infrastructure projects in Bundaberg including a new airport, a hospital, a port for export and other industrial projects. Due to these development projects, the demand for land and buildings in Bundaberg city has surged. Based on an expert valuation, the office building of JKL Pty Ltd has a market value of $850,000 as at 30 June 2020, with a variation in valuation of 5% being expected. Required: Discuss how the fundamental qualitative characteristics described in the AASB Conceptual Framework are applicable to the scenario described above. T. E. E P 1 OPE