Question: You are preparing the financial statements/reports for Jetstar airline. Explain whether the 1. the cost of retraining pilots and 2. the cost of preparing the

You are preparing the financial statements/reports for Jetstar airline. Explain whether the 1. the cost of retraining pilots and 2. the cost of preparing the aircraft to resume flying after not flying for two years are to be recorded as an asset or expense, with reference to AASB 116 & Conceptual Framework.

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