Outlines:

1.    -  Provide guidance on the recognition, measurement, and disclosure of provisions, contingent liabilities, and contingent assets, ensuring that entities appropriately account for and disclose obligations, uncertainties, and potential gains.

2.   -  Establish principles for assessing impairment of assets, requiring entities to recognize impairment losses when the carrying amount of an asset exceeds its recoverable amount, thus ensuring that assets are not carried at amounts greater than their recoverable amounts.

3.   -   Define the principles and requirements for measuring fair value of assets, liabilities, and equity instruments, promoting consistency and transparency in fair value measurements across different financial instruments and transactions.

4.  -   Specify the accounting and disclosure requirements for non-current assets held for sale and discontinued operations, ensuring that they are measured, presented, and disclosed appropriately in the financial statements, thus providing users with relevant and reliable information about the financial position and performance of the reporting entity.

5.  -    Enhance transparency, reliability, and comparability of financial reporting by providing guidance on the recognition, measurement, and disclosure of provisions, impairment of assets, fair value measurement, and non-current assets held for sale and discontinued operations.