QUESTION 2 (24 marks) REQUIRED: 2.1 According to the 2018 Conceptual Framework for Financial Reporting, explain what is meant by measurement uncertainty and discuss how different measurement bases can be applied to decrease measurement uncertainty (2 marks) 2.2 According to IFRS 13: Fair value measurement, name three differences between Level 1 and Level 3 FV inputs in respect of the fair value hierarchy. (6 marks) 2.3 The study of Chung, Lee and Mitra regarding the problem of Level 3 FV estimates led them to make three main conclusions. Explain in your own words what these conclusions were by specifically focusing on the reliability of Level 3 fair value estimates. (6 marks) 2.4 Explain how the three widely used valuation techniques (i.e.the measurement approaches) to determine fair value in line with IFRS13: FVM enhance and/or constrain the scientific stature of accounting theory and/or practice in terms of making accurate measurements. (6 marks) 2.5 According to the description of the income approach in IFRS 13: Fair value measurement, in your opinion, discuss whether Einstein would have approved of the reliability of measurements that were made by applying this approach. Motivate your answer by giving one applicable example.