This report provides an analysis of the current accounting issues and their understanding from the perspective of a senior accounting working for a firm. It also reviews the current exposure draft submitted by the IASB on their portal to invite the comments from the various parties that have interest in particular accounting standard. The report discusses the issues and changes that are described in the proposed exposure draft and addresses comment letters given on the portal of IASB related to exposure draft on IAS 16: Property, plant and equipment.