QUESTION 2 Refer to the scenario below and answer questions provided. Conceptual Framework for Financial Reporting was issued by the International Accounting Standards Board in September 2010. It was revised in March 2018 and is effective for annual reporting periods beginning on or after 1 January 2020, with earlier application permitted. Required: Define and list the three fundamental features of positive and normative theory. Explain whether the conceptual framework is a product of normative or positive accounting theory. [8 marks] (marks will be awarded for correct definitions, listing 3 key features and correct explanation of second question]