Instructions: (1500 to 2000 words)
- This assignment consists of two question. The due date and time is noted above.
- Question One
What is regulation? How is accounting profession in Australia regulated?
(Marks :10)
Question Two
Refer to accounting standard AASB116 Property Plant & Equipment (website aasb.gov.au)
Explain (in your own words) the main requirements of the standard that Australian companies have to abide by. This should cover objective of the standard, its scope & definition, recognition criteria, measurement criteria, derecognition & disclosure requirements with reference to For profit entities only.
Please make references to clause or sub clause numbers to support your answers.
(Marks :30)
