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1. Using hypothetical but realistic organizations, present different scenarios that may lead to a deviation from the proper use of the following accounting standards: 1. IAS 16 Property, plant and equipment 2. IAS 36 Impairment 3. IAS 37 Provisions, contingent assets and contingent liabilities 4. IAS 2 Inventories The entity that you create must have a name and actual transactions (with figures). Student groups are encouraged to be as creative and innovative as possible. The accounting standard in each case must first be explained in the group's own words, not as provided in the notes, before a deviation may be discussed. The example of deviation from the proper use of the standard must include recognition, measurement and de-recognition of the asset/liability in a particular case