QUESTION 1: Non-current assets are often a highly significant component of the total assets of an entity. Therefore, a number of different International Financial Reporting Standards have been published which regulate their definition, recognition, measurement and disclosure. IAS 1 Presentation of Financial Statements distinguishes between current and non-current assets. IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets specifically regulate the recognition, measurement and disclosure of tangible and intangible assets respectively. Required: Explain how: (i) IAS 1 distinguishes between current and non-current assets. (ii) IAS 16 defines property, plant and equipment and IAS 38 defines intangible assets