The document defines assets and discusses the accounting standards for reporting non-current tangible assets. It defines assets according to the IASB framework and outlines the key elements of an asset. Assets are categorized as either current or non-current. Non-current assets are defined and discussed in accordance with IAS 16, including initial cost calculation, recognition criteria, and types of costs included. The objectives and requirements of IAS 16 for property, plant, and equipment are summarized.