Section There are six questions in Section B of unequal weight worth 55 marks. Questions may contain more than one part. You should attempt to answer all questions. Question 16 (6 points) You work in an accounting firm in Tasmania. One of your colleagues has recently joined your firm. During a lunchroom conversation one day, your colleague stated that knowing about the conceptual framework is a waste of time. Accountants only need to know about the accounting standards. Required: Based on your understanding of the conceptual framework, explain to your colleague by providing examples of why accountants need to know about the conceptual framework. Use qualitative characteristics of financial information to support your argument (max 200 words) [6 marks] Paragraph B I UA = EV