Recently, the International Accounting Standards Board (IASB) has issued a new version of Property, Plant and EquipmentProceeds before Intended Use, which made amendments to IAS 16 (AASB 116) Property, Plant and Equipment. These amendments were finalised after consulting a range of stakeholders. However, a group of investors have approached the IASB expressing their concern over these amendments and have asked the board to review its decision because of the implications these have on extractive and petrochemical industries.

Provide critical analysis of the current requirements and proposed amendments to the accounting standard.Analysis should include:

• (a) Explain in what ways these proposed amendments to IAS 16 Para 17 will change the accounting for such sale proceeds before an asset's intended use.
• (b) Critical analysis of the current requirements of IAS 16 Para 17. Note: Your critical analysis should include relative merits and demerits of continuing with the existing requirements of IAS 16 Para 17. Therefore, you need provide both for and against evidence-based arguments.
• (c) Critical analysis of the proposed amendments to IAS 16 para 17? Note: Your critical analysis should include relative merits and demerits of introducing proposed amendments to IAS 16 para 17. Therefore, you need provide both for and against evidence-based arguments.
• (d) Advice on whether or not your accounting form should support the proposed amendments to IAS 16 Para 17.