ACT505 Accounting Theory, What is regulation

ACT505 Accounting Theory,  

Assignment 1

Instructions:

• ? This assignment consists of two question. The due date and time is noted above.

• ? It is your responsibility to ensure you factor in any time difference between Darwin and other locations when submitting your assignment.

• ? Please upload your file using the submission point for the assignment on Learnline.

• ? Assignments submitted via e-mail will NOT be accepted.

• ? There is no need to complete a university cover sheet but DO please include your name, Student Number, and your tutor’s name.

Ethics:

• ? This is not a group assignment; it is an individual assessment. Your answers will likely be different from other students. If portions of your assignment are copied or very close to copying, all parties will be penalised for copying. Copying would be considered plagiarism and CDU has restrict policies in this regard (please see https://www.cdu.edu.au/academic-integrity for details).

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)