Answered Change your response to reve 04 Define asset as one of the five elements of financial statements in accordance with current Conceptual Framework. (6 marks) Further, explain whether each of the following two items satisfies the abovementioned asset definition: (a) goods held on consignment for another entity; (b) a piece of specialised equipment with zero disposal value, which now because of downsizing, is surplus to requirements and has therefore been retired from use. a Save Unanswered