1. Question 2: Which qualitative characteristics of financial reporting, as per the IASB Conceptual framework, appear not to be satisfied by current reporting practices as per IFRS?
The qualitative characteristics of financial reporting are:

Relevance: for any information to be useful for the decision maker at any organisation need to be relevant to the decision making needs of users, Relevant information has predictive value, confirmatory value, or both and is therefore capable of making a difference to decisions made by investors, lenders and other creditors. Financial information has a confirmatory role when it is used to confirm or correct the decision that has been made by the decision maker, because it play an important role in providing a feedback to the decision maker, therefore it is closely related to accountability, it has the predictive role when it is used to make predictions of future outcomes therefore suggested that for any information to be relevant it should help in either the confirmation of the past prediction or in making new prediction or relevant in both purposes. For example, revenue information for the current year, which can be used as the basis for predicting revenues in future years, can also be compared with revenue predictions for the current year that was made in past years. The results of those comparisons can help a user to correct and improve the processes that were used to make those previous predictions.

Reliability or Faithful representation: any information counted as reliable or faithfully represented when its free from errors and bias