The IASBs Conceptual Framework for Financial Reporting 2018 is made up of eight chapters. Four of these are as follows:

• Qualitative characteristics
• Elements of financial statements (definitions)
• Recognition and de-recognition
• Measurement

Discuss and illustrate how the four elements from the Conceptual Framework above can be applied to the Accounting Standards IAS 2 Inventories and IFRS 15 Revenue from Contracts with Customers (with particular reference to construction contracts)