QUESTION 3 a. As level 300 students who have just been trained on the standard setting process by IASB, you are asked to make a short presentation to a panel in the accounting department about the standard setting process adopted by the International Accounting Standards Board. Explain the standard setting process as adopted by the IASB to the panel. (4 marks) containing the qualitative characteristics of financial statements. Explain three each of fundamental and enhancing characteristics of financial statements Required: b. The IASB's Conceptual Framework for Financial Reporting has one of its chapters Required: in the context of financial reporting. (3 marks) c. Explain borrowing costs in accordance with IAS 23 and state the three conditions (3 marks) (Total 10 marks) necessary for the commencement of capitalization of borrowing costs