(a) The IFRS Practice Statement Management Commentary provides a broad, non-binding framework for the presentation of management commentary which relates to financial statements which have been prepared in accordance with IFRS Standards. The management commentary is within the scope of the Conceptual Framework and, therefore, the qualitative characteristics will be applied to both the financial statements and the management commentary.

Required:
(ii) Discuss how the qualitative characteristics of understandability, relevance and comparability should be applied to the preparation of the management commentary. (5 marks)