This report discusses the accounting standards and reporting issues for Cherry Ltd. with reference to three case studies. It covers the AASB framework and the ideal course of accounting as per regulatory frameworks. The report provides detailed analysis and examples of the issues related to reporting of assets, acquisition of assets, and investment in staff development. It also discusses the fair value measurement and the nature of assets that need to be valued at cost or fair value. The report concludes with appropriate disclosures that need to be given in this regard.