Beauty Cosmetics has spent $220 000 this year on a project to develop a new range of chemical-free cosmetics. As yet, it is too early for Beauty Cosmetics management to be able to predict whether this project will prove to be commercially successful. QUESTION: Explain whether Beauty Cosmetics should recognise this expenditure as an asset, justifying your answer by reference to the Conceptual Framework asset definition and recognition criteria (this is my question i need help with)