According to the Framework, assets do not exist unless they result from past events. Determining whether a past event has occurred to give rise to an asset is not always straightforward. Explain the past event that triggers the existence of the following assets.

(a) Accounts Receivable

(b) Prepaid Insurance

(c) Work-In-Process Inventory

(d) Raw Materials Inventory

(e) Finance Lease of Manufacturing Plant

(f) Goodwill (internally generated or purchased)

AppendixLO1