Accounting Standards and Practice-Flight Centre Travel
Introduction
As per the Summary of Accounting policies of the company’s Annual report, the disclosures have been done as per AASB 116 that is Para73 that deals with the manner of measurement of the cost of carrying of plant, property, and building. The recording of such assets are done in the books at historical cost minus the depreciation and other cost that is directed towards the PPE are either attached to the carrying amount or shown as an individual asset as per the manner of cost that is incurred and the cost divisibility. In this scenario, the selection of Flight Centre Travel group has been that is listed on the ASX and appears in the top 300 (Flight Centre Travel Group, 2016). The annual report of the company will be discussed for the purpose of AASB 136 and other relevant disclosures that are needed for the study. The proper discussion will be done on AASB 116 and AASB 136 that helps in the reporting disclosure of the company. Further, an observation will be done whether the company is meeting the impairment test and the result obtained.
(I.C. RS 7797)