Time Elapsed 1 hour, 15 minutes out of 1 hour and 15 minutes Zone Question 1 Needs Grading Part A - Discussion Questions Question 1 ( 5 marks) The AASB Conceptual Framework for Financial Reporting incorporates the Conceptual Framework for Financial Reporting issued by the International Accounting Standards Board (IASB). This Conceptual Framework applies to: (a) for-profit private sector entities that have public accountability and are required by legislation to comply with Australian Accounting Standards; and (b) other for-profit entities that elect to apply the Conceptual Framework. The International Accounting Standards Board (IASB) released a revised Conceptual Framework in 2018. oup REQUIRED: a Session 1.1 Briefly discuss the process that IASB used to revise the IASB Conceptual Framework. (2 marks) 1.2 With reference to the IASB/AASB Conceptual Framework (i) with reference to paragraphs 4.63-4.67 discuss what is equity and why it is regarded as residual interest. (1 mark). (ii) Discuss with reference to paragraphs 4.68-4.72 what is income and what is an expense, and the recognition link between the elements, the statement of financial position and the statement(s) of financial performance? (2 marks)