In lecture 1 we discussed the IFRS,the IASB conceptual framework and objectives/users/elements of financial statement, we also mention the basic premises of financial accounting. Briefly ask the question

Q5 In lecture 2, we discussed the accounting treatment of property, plant and equipment, inventory, very briefly leases, and then the rules on impairment of assets. Relate each of these to the conceptual framework and core premises of accounting discussed in lecture 1. How does the accounting treatment for each align with principles? Where are there conflicts