(a) The 2018 New Zealand Conceptual Framework states that an asset is a present economic resource controlled by the entity as a result of past events. Discuss this statement in relation to inventory items that are in transit between the buyer and seller.

(b) NZ IAS 2, paragraph 36 requires companies to make disclosures to present inventory fairly in their financial statements. List six disclosures that companies must include in the financial statements as additional disclosures.