What is regulation? How is accounting profession in Australia regulated?

Refer to accounting standard AASB116-Property Plant & Equipment (website aasb.gov.au)

Explain the main requirements of the standard that Australian companies have to abide by. This should cover objective of the standard, its scope & definition, recognition criteria, measurement criteria, derecognition & disclosure requirements- with reference to ''For profit" entities only.

Please make references to clause or sub clause numbers to support your answers.