1. Compare and contrast how unrealised gains and losses are treated under the following accounting standards:

• Impairment Standard AASB 136
• The Revaluation Standard AASB 116
• Inventory Standard AASB 102
• The Agricultural Standard AASB 141

Note: The answer can be done in dot point form. Unrealised gains refer to the increase in value of the assets that are yet to be sold.

2. Are the treatment of unrealised gains in these Standards consistent with that of required under the Conceptual Framework? Explain your answer.