The following questions are discussion type questions. The marks per questions are

indicated in brackets at the end of each question. Please provide answers in full

sentences.

a$.$ Briefly discuss the needs that lead to the establishment of companies as a form of

entity.

$(4)$

b$.$ Name the main objectives of the IFRS $($International Financial Reporting Standards$)$ for

an entity$$s financial statements

$(3)$

c$.$ What is the objective of general$-$purpose financial reporting, according to the

Conceptual Framework?