Answer
a.First, a conceptual framework guarantees that FASB publicizes accounting standards that are comprehensible and consistent. Second, a conceptual framework is indispensable in resolving practical accounting-related concerns because it offers fundamental theories that accountants can refer to.
b.There are eight such monumental statements that I could recommend to Wayne. For example, the fifth statement, "Recognition and Measurement in Financial Statements of Business Enterprises," delineates guidelines on how transactions should be recognized and measured for them to be incorporated in business enterprises' financial statements. Another pertinent example is the sixth statement, "Elements of Financial statements," whose scope comprises the essentials that distinguish the reports prepared by business entities.
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