Question: Imagine you are the Chief Financial Officer for XYZ International Limited, involved with hardware products. During the meeting with the Chief Executive Officer, he elaborated some concerns on the financial reporting done by you. He has a concern on the terminologies and standards used by you in the preparation of the financial statements. More specifically he has some questions, like: I. What is accounting conceptual framework and IASB? Why this is important for financial reporting? II. Why is it important to adopt IAS 1 to complete and present the Financial Statements? III. What is income tax accounting? Why income tax accounting is important for the organization, and should be included in financial statements? IV. What is the purpose of maintaining provisions? V. What is contingent liability and contingent asset? Why should organization be concerned for these two events? Required: You are required to submit a report addressing his concerns, more specifically the questions raised by him. You can refer to published journal articles to support your explanation.