Accounting Theory (ACT 505)

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)