1. The Conceptual Framework project represented an attempt by the FASB to develop the underlining concepts that would be useful in guiding the Board in establishing standards and in providing a frame of reference for resolving accounting issues. The first two Statements of Financial Accounting Concepts (SFAC No 1&2) set forth the objectives of financial reporting and what qualitative characteristics it considered most important. What did SFAC No.1 set forth as the primary objectives of financial reporting? Whose needs did it set forth as most important? Building on the concept of SFAC No. 1, SFAC No. 2 listed a hierarchy of accounting qualities that should be taken into consideration when deciding what was important to report. Select any five of these qualities and explain each fully.