This document presents a comprehensive solution for ACC210 Financial Accounting Task 2, focusing on key financial accounting concepts. The solution addresses four main questions, including a detailed analysis of fair value measurement for property, plant, and equipment, considering relevant standards like AASB 116. It then delves into the impairment of assets, providing calculations and general journal entries for asset valuation, revaluation surplus, and impairment losses according to AASB 136. The assignment also explores the accounting treatment of intangible assets, differentiating between internally generated and acquired assets, and explaining the reasons for reluctance in recognizing internally generated goodwill, referencing AASB 138. Finally, the solution covers employee benefits, specifically defined benefit plans, including the calculation of fund deficits, net defined benefit liability, net interest, reconciliation, and summary journal entries, adhering to AASB 119. The document provides accounting justifications, relevant issues, and references to relevant accounting standards and conceptual frameworks throughout.