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The conceptual framework set by the International Accounting Standards Board, issued in 1989 and revised in 2018, consists of a set of fundamental principles and

The conceptual framework set by the International Accounting Standards Board, issued in 1989 and revised in 2018, consists of a set of fundamental principles and concepts that underlie the preparation and presentation of financial statements for external users.

Critically examine how the establishment of the framework enhances financial reporting. (Approx 1000 words). Support your answer with examples.

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