Learning Outcomes Upon completion of this chapter, learners should be able to: Account for property, plant and equipment: Understand the criteria for recognizing physical assets, determining their initial cost, and applying subsequent measurement models (cost or revaluation) including depreciation and impairment. Account for investment property: Identify assets held to earn rentals or for capital appreciation, and apply the specific measurement rules that distinguish them from owner-occupied property. Account for intangible assets: Recognize non-monetary assets without physical substance, such as software or licenses, and determine the appropriate treatment for research versus development costs. Account for non-current assets held for sale: Apply the criteria for classifying assets that are no longer in use but are intended for disposal, ensuring they are measured at the lower of carrying amount or fair value less costs to sell. Account for financial instruments: Define, recognize, and classify financial assets and liabilities, and understand the measurement principles for items like receivables, payables, and debt investments. Account for inventories: Measure the cost of goods held for sale or distribution, applying valuation methods like FIFO or weighted average cost, and ensuring they are written down to net realizable value when necessary. Account for provisions, contingent liabilities, and contingent assets: Determine when a present obligation exists that requires a provision, and distinguish these from "possible" obligations that only require disclosure as contingencies.