6. Identify and explain the main differences in the treatment of the elements of the financial statements between NAS and IFRS that might arise when transforming the financial statements in the real life. These differences should concern the following accounting standards:a) Property, plant and equipment IAS 16;b) Inventory IAS 2;c) Financial instruments: recognition and measurement IAS 39; andd) Intangible assets IAS 17.e) Other standards at your consideration (additional) 7. Provide examples of the adjustments required due to the identified difference in the sixth part of your assignment. Describe the main differences in the treatment of the items in national reporting standards and IFRS/IAS, provide the corresponding calculations and journal entries (use the imaginary numbers. The key adjustments to be considered:a) Depreciation of fixed assets;b) Revaluation of fixed assets;c) Intangible assetsd) Provisions for bad and doubtful debts;e) Initial cost of inventories;f)
