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Assets and asset recognition Explain whether you would recognise each item below as an asset, justifying your answer by reference to the Conceptual Framework's asset

Assets and asset recognition Explain whether you would recognise each item below as an asset, justifying your answer by reference to the Conceptual Framework's asset definition and recognition criteria:

(a) a trinket of sentimental value only

(b) discovery (at insignificant cost) of evidence of mineral reserves

(c) specialised equipment with zero disposal value, which now, because of downsizing, is surplus to requirements and has thus been retired from use

(d) your staff (e) goods held on consignment for another entity.

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