For each of items 1–5 listed below, state whether, in accordance with existing accounting standards and the Framework, it would be recognised as: 

a. An asset 

b. A liability 

c. A contingent liability 

d. Revenue 

e. An expense 

f. None of the above.

Items: 

1. A provision for annual leave 

2. $1 million payable under a guarantee in the event of a third party being unable to pay 

3. Purchased goodwill 

4. A patent 

5. The excess of research and development costs over the expected future economic benefits of the project.