CanDo Ltd uses electronic tablets to conduct market research interviews and allow staff to use the tablets for personal use outside of business hours. A great saving was made by CanDo Ltd by signing a contract which required the payment to the supplier of $200 per month for36 months for the purchase of 4 new tablets.

Applying the 2020 Conceptual Framework, briefly explain if there is an asset in the balance sheet for this? If there is, briefly explain why there is an asset.