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Financial Accounting Assignment - AASB

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Added on  2020-10-22

Financial Accounting Assignment - AASB

   Added on 2020-10-22

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FINANCIAL ACCOUNTING
Financial Accounting Assignment - AASB_1
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Overview of AASB 116/ IAS 16............................................................................................1Scope of IAS 16......................................................................................................................2Recognition.............................................................................................................................3Part (c): Evaluation of case study...........................................................................................3CONCLUSION ...............................................................................................................................4REFERENCES................................................................................................................................5
Financial Accounting Assignment - AASB_2
INTRODUCTIONAccounting revaluation is a process of revaluation of price and cost of assets of business.This report present brief information and understanding of IAS 16/AASB 116 (IAS 16 –Property, plant and equipment, 2017). There is a particular evaluation of case study related torevaluation and evaluation of plant, property and equipment.MAIN BODYOverview of AASB 116/ IAS 16Assets are the essential part of business organisation in terms of managing and operatingthe functions for effective functioning. The AASB (Australian Accounting Standards Board) isan authority of Australian Government which operate accounting regulation and terms foreffective and efficient learning. It contains the international accounting standards committeefoundation copyright material. There are type of existing rights related to cost model andrevaluation model in this material that are reserved outside Australia.Accounting standard AASB 116 property, plans and equipment as amended - RDR EarlyApplication Only stands for accurate and effective evaluation of property and land. This standardwas formed on 1st July 2009 with early application of reduced disclosure requirement (Drew,Kortt and Dollery, 2015). It is taken into consideration under accounting standards andmanaging accounts for plant and machinery and evaluation of property and land in organisationalcontext. AASB 116 property, plant and equipment incorporates IAS16 is considered underinternational accounting standards and is issued by International Accounting Standards Board.These accounting standards are applicable only on profit making organisations. Main objectiveof such standards is to prescribe accounting treatment for the property, plant and equipment forusers to make the financial statements and reporting (Rajgopal and Venkatachalam, 2011). It isvery important for an organisation to present accurate information regarding valuation ofproperty, land and equipments in business. Revaluation is also considered as a major issueregarding the recognition of assets and determination of their carrying cost and amounts for thedepreciation charged against use of assets and equipments. There is a proper treatment and engagement done subjected to adjust losses occurred dueto revaluation and analysing aspects. There are type of properties and the equipments used by1
Financial Accounting Assignment - AASB_3

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