QUESTION 2 ANSWER ALL PARTS OF THIS QUESTION a) In the context of financial reporting, in particular the IASB's CF, explain what is meant by 'conceptual primacy'. Include an explanation of the possible views available to the IASB. (5 marks] b) Why is 'conceptual primacy' important and to whom? Include in your answer an ex- planation of the effect of the IASB choosing one view rather than another. [8 marks] c) Considering the definitions in the IASB's CF, analyse the main features of asset' and liability', i.e. explain the significance of the wording used in the definitions. [12 marks] TOTAL 25 MARKS