This report provides a detailed analysis of the financial statements of GWA Group Limited, evaluating their compliance with accounting standards. It examines provisions and contingencies, including guarantees and capital expenditure commitments, discussing their recognition criteria and measurement issues. The report explores arguments for and against recording contingencies in financial statements, highlighting their impact on qualitative characteristics. It also delves into the details of leased items, their classification, and presentation requirements, including reclassification scenarios. Furthermore, the report assesses the valuation methods of non-current assets, specifically focusing on intangible assets and alternative valuation approaches like the income approach, concluding with an evaluation of the overall quality of GWA Group Limited's financial reporting and the importance of adequate disclosures.