Kindly show me how to solve the following question

J12 Omega is an entity that owns three properties. All three properties were purchased on 1 October 20x4. Details of the purchase price and market vaiues of the properties are as follows: Property 1 Property 2 Property 3 $000 $000 $000 Purchase price 15.000 10.000 12,000 Market value 30 September 20X5 16.000 1 1.000 13.500 Market value 30 September 20X6 17.000 9.000 14,500 Properties 1 and 2 are used by Omega as factories while property 3 is let to a non-related third party at a commercial rent. Omega does not depreciate any of the properties on the basis that they are vaiued at market values that are generally expected to increase over time. Required: (at) Assess whether Omega's policy of non-depreciation of properties 1. 2 and 3 is in accordance with International Financial Reporting Standards. (b) Show how the movements in the carrying amount of each property will be reflected in the financial statements of Omega for the years ended 30 September 20X5 and 20X6. You can assume that any relevant depreciation is immaterial. Where necessary you should justify your treatment with reference to appropriate International Financial Reporting Standards. Where more than one treatment is permitted under International Financial Reporting Standards. you should show the impact oi both treatments. (ACCA. December 2006. adapted)