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QuestionExplain why 2004 to 2010 joint Conceptual Framework project of the IASB and FASB was discontinued and might be regarded as a failure, and discuss why the development of conceptual frameworks by standard setters, such as the IASB and FASB, has historically been so difficult and problematic.If the coursework exceeds the 2,000-word limit, the excess material will be disregarded by the marker so that the work will be marked as if it is unfinished. There is no allowance for being 10% over. There is also no specified minimum length or penalty for submitting a short answer. Please note, however, that obviously the mark awarded will reflect the content of the essay answer, so it is likely that any answer significantly less than 2000 words will not fully answer the question and will therefore be penalized accordingly.Your essay must be referenced appropriately. Bibliographies and lists of references are not counted as part of the word limit for this essay.