In preparation for your upcoming meeting, you are undertaking a review of ASD’s assets and resources.
a. Based on your knowledge of ASD and the surfing industry generally, identify five assets that might appear on the balance sheet of ASD. For each asset:
i. advise whether it should be categorised as a current or a non-current asset.
ii. advise how the asset should be measured for financial reporting purposes.
b. With reference to the assets identified in part a, explain to Archer, Maddie and Dillon, why they must be careful when interpreting the amount shown as ‘total assets’ on the balance sheet.

c. Based on your knowledge of ASD and the surfing industry generally, identify three specific resources that ASD may use to help achieve their objectives, but which will not be reported on the balance sheet of ASD.