The IASB Conceptual Framework is aimed at providing useful information to resource providers for a business such as investors and creditors to aid them in making informed economic decisions about providing resources to the business. Required: (a) Discuss the qualitative characteristics of financial information that are prescribed in the IASB Conceptual Framework. Use relevant examples (where necessary) to support your answer. (15 marks) (b) Explain how the elements of financial statements are recognized and measured in the financial statements according to the IASB Conceptual Framework. (5 marks) Total: 20 marks