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Answer 1
Role of Conceptual Framework in Accounting
The conceptual frame work in accounting is a Foundation used for effective financial reporting. The role of conceptual frame work in accounting is outlined below:
International Accounting Standards
The conceptual framework is the basis on which accounting standards are prepared and issued.
        
Ensures Consistency
As all entities use the same accounting     standards, it ensures comparability and consistency of financial statements    .
Builds Understanding and Confidence
It enables better understanding of Financial statements by the users and helps in building up confidence of users.
Anon, (2018). [online] Available at: https://www.sapling.com/12134295/roles-conceptual-frameworks-accounting(accessed 6 Jan, 2019)
A few Benefits of a conceptual framework are given below:
It establishes definitions on the basis of which discussions on accounting issues can take place.
It provides guidance to accounting standard setters in development standards & rules.
Ensures that accounting standards are internally consistent .
Provides help in resolution of financial reporting problems in the absence of an Accounting standard.
Criticisms of Current (2010) Framework
The current framework lacked guidance in some areas or contained guidance that was not as clear as desired. A few of such areas are:
Some standards did include probability criteria for recognizing assets and liabilities.
No separate section on measurement bases currently existed.
It has rebuttable presumptions’ relating to other comprehensive income (OCI).        )
(Anon, (2018). [online] Available at: https://www.accaglobal.com/in/en/member/discover/cpd-articles/corporate-reporting/deller-apr17.html (accessed 6 Jan, 2019))
References
Anon, (2018). [online] Available at: https://www.accaglobal.com/in/en/member/discover/cpd-articles/corporate-reporting/deller-apr17.html(accessed 6 Jan, 2019)
(Anon, (2018). [online] Available at: https://www.sapling.com/12134295/roles-conceptual-frameworks-accounting ) (accessed 6 Jan, 2019)
Answer 2
Objective of General Purpose Financial Reporting
The objective of general purpose financial reporting should be to provide financial information about the reporting entity that is useful to Primary users of Financial Statements who use that information to make decisions about buying, selling or shares, bonds or debentures and providing or settling loans or other forms of credit. The Primary users of financial statements are investors, creditors and lenders. Other parties like employees, banks and financial institutions are considered to be Secondary users.
Also, as per the revised (2018) Conceptual Framework, an important objective of general purpose financial reporting is to assess how effectively and efficiently management has discharged their responsibilities relating to use the entity’s existing resources (i.e., stewardship).
(Ernst & Young (2018), publication on Applying IFRS, available at : https://www.ey.com/Publication/vwLUAssets/ey-applying-conceptual-framework-april2018/$FILE/ey-applying-conceptual-framework-april2018.pdf)
The general purpose financial reports are also supposed to provide useful information to other parties, including prudential and market regulators.
References
Ernst & Young (2018), publication on Applying IFRS, available at : https://www.ey.com/Publication/vwLUAssets/ey-applying-conceptual-framework-april2018/$FILE/ey-applying-conceptual-framework-april2018.pdf (accessed 6 Jan, 2019)
IFRS.ORG (2018) available at (https://www.ifrs.org/-/media/project/conceptual-framework/current-stage/conceptual-framework-summary-of-tentative-decisions.pdf (accessed 6 Jan, 2019)
Answer 3
Meaning of Prudence
Prudence means being cautious while making judgments relating to forming of estimates. Estimates are based on the judgment & specialized knowledge derived from past experience and these are formed for items for which there is no precise means of measurement.
As per the concept of prudence, one should be conservative in recording of assets & do not underestimate liabilities.        
The international Accounting Standard Board concludes that there are 2 categories of prudence
Cautious Prudence
This concept says that we need to be cautious while making judgments relating to estimates, but we need not be more cautious in judgments relating to gains and assets than those relating to losses and liabilities.
Asymmetric Prudence
As per this concept, losses are recognized earlier than gains.    
Under an “Asymmetrically prudent” accounting treatment, Recognition of income would not be done in the current accounting period(when the income arose) by following the logic that one needs to be conservative while recording incomes & assets. This would lead to understatement of income in current period. However, when that income is realized in later year(s), the same would be recorded in that later year in which it was realized even though it was not earned in that year. Because of this approach, there would be an overstatement of income in later year(s), as income relating to an earlier period is recognized in that period even though it was not earned in that period.
References
IFRS.ORG (2018), available at:...