Under the IFRSs regime, assets cannot be booked at more than their recoverable amount. That is, at more than the greater of their net realizable value and the net present value of their future income streams. This entails estimating the future income streams from using an asset separately, or as part of a cash generating unit (CGU) discounting the estimated net income stream with an estimated appropriate discount factor, comparing it with the asset's selling price or the aggregate of the selling prices of the assets comprising CGU – asset' net selling price to determine the recoverable amount and comparing the latter with the book value to determine any estimated impairment in book value. Most assets will be booked at their 'cost less depreciation'. In that exercise, only the current selling price of the asset (or of the CGU assets) is likely to exist. Assets' lives are estimates. Their separate or the CGU's future net income streams area both estimates, and the discount factor is an estimate. As such, an asset's selling price is the only item capable of independent corroboration (Clarke and Dean, 2007, p.111). Clark, F., & Dean, G. (2007). Indecent Disclosure: Gilding the Corporate Lily. Cambridge University Press. Melbourne. Instructions: Download a 2015 annual report for a listed company from the Australian Securities Exchange (ASX) website. Groups are not allowed to do the same company and should discuss their selection with their tutor prior to commencing their research assignment (Banks are not allowed as they have particular reporting requirements). Refer to the marking guide (attached) for additional information and requirements. Required: 1. With reference to the above statement describe what you understand by the accounting concepts mentioned and provide examples from your selected annual report. 2. Discuss the problems of measurement in the context of the present AASB / IASB standards and conceptual framework using your selected annual report to provide examples. 3. Comment on the relevance and representational faithfulness of using 'processes' of measurement to achieve estimates. Provide examples from your selected annual report.