According to AASB 116, would you expense or capitalize expenditure incurred in repairing an asset? Explain your
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Question:
According to AASB 116, would you expense or capitalize expenditure incurred in repairing an asset? Explain your response.
PART B
Do we need a conceptual framework in Australia? Why?
PART C
Is the rule in AASB 6 that permits exploration and evaluation expenditure to be carried forward (capitalized) in those situations where activities in the area of interest have not yet reached a stage that permits a reasonable assessment of the existence or otherwise of recoverable reserves, consistent with the asset recognition criteria provided in the Conceptual Framework for Financial Reporting?
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