This document presents a comprehensive solution to ACC210 Financial Accounting Task 2, covering key accounting concepts. The assignment addresses fair value measurement, including valuation techniques for land and factories. It analyzes the revaluation of assets, providing detailed journal entries and calculations for machinery. The solution also explores the accounting treatment of internally generated intangible assets, differentiating between research and development phases, comparing internally generated versus acquired assets, and explaining the reasons for managerial reluctance to recognize such assets. Finally, the assignment includes calculations related to a defined benefit superannuation plan, determining the deficit of the fund, net defined benefit liability, and net interest. This solution serves as a valuable resource for students studying financial accounting, offering insights into complex accounting principles and their practical application.