You are in the graduate rotation program at Big Phore Partners, currently your 6 month placement is with the Financial Analysis Team (Corporate Advisory Group). A heated debate has broken out between the partners on the matter of prudence. Mr Price (Executive Director of Audit), believes prudence is a cornerstone of financial reporting, but Dr Waterhouse (Executive Director of Corporate Advisory) believes it is critical that investors get the right information to make the right decision. Executive Chair Dr Coopers believes that the firm should have an internal debate to settle the matter, and subsequently the firm should make a formal submission to the IASB on the outcome. You have been asked to draft the initial discussion paper for Board of Executive Directors: Part 1 Internal AudienceDirectors Brief: Outline the context of the change, and explain the arguments for and against the re-inclusion of prudence in the new CF