Assume CPA Australia has requested that you contribute to their thought leadership series on the prescribed treatment of assets in the Australian Accounting Standards. You have been asked to write a business report which:

$1.$ Identifies two distinct and current market and$/$or economic conditions which could affect the value of assets in the general purpose financial statements. For each current condition identified, state one asset that the condition is likely to impact and the potential outcome of that impact from a corporate reporting perspective. You must refer to relevant accounting standards and$/$or the Conceptual Framework for Financial Reporting, and real$-$life examples to develop your discussion.

$($For instance, if you identify Condition A as a current market$/$economic condition that can affect the asset, you should illustrate why and how Condition A can affect the asset. Following this, you are expected to discuss how the accounting and reporting of this asset is affected by Condition A$,$ with reference to specific paragraphs of applicable accounting standards and$/$or the Conceptual Framework for Financial Reporting. Finally, support your discussions with any real$-$life examples as observed in the most recent annual report of or press articles related to Australian companies$).$

$2.$ In the context of the agency theory, explains why managers should provide useful and meaningful information on the impact of changing and uncertain economic and market conditions and other developments on asset values. In your response, ensure you explicitly define, explain, and apply the agency theory.

$3.$ In the context of the managerial branch of stakeholder theory, explains reasons relevant specifically to two stakeholders $($other than shareholders$)$ of the importance of providing useful and meaningful information on the impact of changing and uncertain economic and market conditions and other developments on asset values. In your response, ensure you explicitly define, explain, and apply the managerial branch of stakeholder theory.