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)

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