This report provides an overview of tangible assets and their measurement on the balance sheet according to AASB 116, focusing on initial and subsequent costs, depreciation, and useful life estimation. It emphasizes the importance of adhering to accounting standards for accurate financial reporting, using Woolworths Group as an example. The report covers the recognition, measurement, and disclosure requirements for tangible assets, including property, plant, and equipment, and details the costs that should and should not be included in asset valuation. Furthermore, it addresses the treatment of asset replacements, spare parts, and the determination of functional lives, highlighting the significance of management's judgment in these estimations. Desklib offers additional resources, including past papers and solved assignments, to support students in their studies.