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An assistant of yours has been criticised over a piece of assessed work that he produced for his study course for giving the definition of
An assistant of yours has been criticised over a piece of assessed work that he produced for his study course for giving the definition of a non-current asset as 'a physical asset of substantial cost, owned by the co. which will last longer than one year.
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Provide an explanation to your assistant of the weaknesses in his definition of non-current assets when compared to the International Accounting Standards Board's (IASB) view of assets.
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