please proofread the following assignment and make appropriate changes in terms of grammar etc.. Kindly scan it and send it back with the corrections. Thanks in advance.

statements can discern information about an entity's investment in its property, plant and equipment and the changes in such investment" (IAS 16 Property, Plant and Equipment, 2012) ltems of property, plant, and equipment should be recognised as assets when it is probable that the future economic benefits associated with the asset will flow to the entity and the cost of the asset can be measured reliably. This recognition principle is applied to all property, plant and equipment costs at the time they are incurred" (IAS 16 Property, Plant and Equipment) 1- IAS 12, Income Tax (Current and Deferred Tax) "IAS 12 Income Taxes implements a so-called 'comprehensive balance sheet method' of accounting for income taxes which recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities" (IAS 12 Income Taxes) The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes is how to account for the current and future tax consequences of the future recovery of the carrying amount of assets (liabilities) that are recognised in an entity's statement of financial position" (International Accounting Standard 12, 2012) Current tax for current and prior periods shall to the extent unpaid is recognised as a liability. If the amount already paid in respect of current and prior periods exceeds the amount due for those periods, the excess shall be recognised as an asset. A deferred tax liability shall be recognised for all taxable temporary differences, except to the extent that the deferred tax liability arises from the initial recognition of goodwill or the initial recognition of an asset or liability in a transaction which is not a business combination at the time of the transaction" (International Accounting Standard 12, 2012) 2- IAS 37, Provision, Contingent liabilities and Contingent assets "A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the 2