An assistant of yours has been criticized over a piece of assessed work that he produced for his study course for giving the definition of an asset as "a physical asset of substantial cost, owned by the Company, which will last longer than one year". Required: Provide an explanation to your assistant of any two (2) weaknesses of his definition of ants when compared to the International Accounting Standards Board's (ASB) view of assets. (05 marks) Question Two in accordance with IAS 16 -Property, Plant & Equipment: al Explain how each of these matters should be accounted for; (10 Marks) 1. A company purchased an aircraft for USD 89.6 Million. Under civil aviation rules, the aircraft requires a major inspection every three years at a cost of USD 200,000. Three years after the purchase of the aircraft it undergoes its first major inspection. The costs in relation to the inspection amounted to UDS 220,000 On 1 June 2009, a company spent Tshs.6,000,000 to replace the wall lining of one of its two heaters. The heater had been acquired six years previously and had a carrying value, at 1 June 2009, amounting to Tshs. 42,000,000 The expenditure is expected to restore, the originally assessed standard of performance of the heaters.