If a property acquired in 1990 at 1 milllion and being leased to a restaurant, but after few years the restaurant was closed due to decline in sale when the lease expired. Now , the owner want to find new tenants but unsuccessful. The estate agent has indicated that there has been no interest in the premises.

Referring to the recognition criteria of an asset, explain whether the commercial property meets the recognition criteria of an asset when applying the principles of the current conceptual framework.