The International Accounting Standards Board (IASB) published a revised version of its Conceptual Framework for Financial Reporting in March 2018 becoming effective for annual reporting periods beginning on or after 1 January 2020. The document sets out the fundamental concepts of financial reporting guiding the IASB in developing the International Financial Reporting Standards. The revised Conceptual Framework for Financial Reporting has been adopted in Australia in 2019 by the AASB. It now includes changes to the chapters on the objective of financial reporting and on the qualitative characteristic that financial information should possess. According to Pelger (2019) The IASB put more emphasis on stewardship as part of the decision usefulness objective, reintroduced prudence as an aspect of neutrality and introduced a tolerable level of measurement uncertainty (as a successor to reliability) as part of faithful representation.

Required: Critically analyze the provisions of Chapter 1 The Objective of Financial Reporting as well as Chapter 2 Qualitative Characteristics of Useful in the revised Conceptual Framework. Provide arguments as to whether in your opinion the IASBs clarification of stewardship as well as prudence and measurement uncertainty enhances corporate reporting?

Structure your answer keeping an introduction, discussion, and a proper conclusion. Provide necessary references following the university guidelines.