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?