QUESTION TWO The collapse of Enron resulted in shareholder's losing more than K70 billion then in the f our years leading to the collapse and employees losing billions more. This one event bro ught the world's attention on accounting and corporate fraud. While collusion and greed are of ten cited as one of the major causes of this scandal, it is equally believed that these 'corporate sins' were sustained by inadequate financial report ing. The 3Auditors, Arthur Anderson, put their stamp of approval on several years' financi al statements that, with hindsight, clearly lacked clarity to many users. As a result, the ac counting profession came under extreme condemnation and pressure to reform. One of t he resultant reforms was the updating of the Conceptual Framework for the Presentatio n of Financial Statements which was released in 2018. REQUIRED: a. In accordance with the 2018 released updated Conceptual Framework for the Presentation of Financial Statements, state and explain the five (5) elements o f Financial Statements. (5 marks) b. Explain each elements' recognition criteria and how this would have improved financial reporting in Enron's case. (5 marks) c. Explain TWO fundamental and any THREE enhancing qualitative characte ristics of financial statements according to the conceptual framework. (5 marks) d. State and explain in detail the measurement bases recommended in the C onceptual Framework