AASB 116 is the Australian Accounting Standard pertaining to the Property, Plant and Equipment. Find the standard in www.aasb.gov.au. Identify and explain the main requirements of the standard that a company must abide by. Research should cover objective of the standard, its scope, definition, recognition criteria, measurement criteria, derecognition and disclosure requirements.

Please try to include an example (which can be hypothetical or selected from a companys annual report) for clauses where its applicable.

Please make reference to clause or sub-cluse numbers to support your answer.