This document presents a comprehensive solution to ACC510 Financial Reporting Task 2, focusing on key financial reporting concepts. The assignment addresses the application of AASB 13 concerning fair value measurement, particularly within the context of aged care homes, exploring the implications of highest and best use. It also delves into impairment testing under AASB 136, analyzing impairment losses for both Time and Leisure divisions, including relevant journal entries. Furthermore, the assignment examines intangible assets according to AASB 138, differentiating between research and development phases and discussing the accounting treatment for internally generated assets. Finally, the solution covers employee benefits, specifically defined benefit plans, as per AASB 119, including the calculation of deficit, net defined benefit liability, and net interest, along with a reconciliation and summary journal entries.