Assets  LO7,8 Glam Cosmetics has spent $220000 this year on a project to develop a new range of chemical‐free cosmetics. As yet, it is too early for Glam Cosmetics’ management to be able to predict whether this project will prove to be commercially successful. Explain whether Glam Cosmetics should recognise this expenditure as an asset, justifying your answer by reference to the conceptual framework asset definition and recognition criteria.