Qantas Airways Limited (Qantas) is Australias flag carrier. It is Australia's largest airline, the oldest continuously operated airline in the world and the second oldest in the world overall. The company's shares are listed on the Australian Securities Exchange. The following are extracts from Qantass significant accounting policies disclosed in its 2017 audited financial statements:

Subsequent Maintenance Expenditure: The costs of subsequent major cyclical maintenance checks for owned and leased aircraft (including operating leases) are recognised as an asset and depreciated over the shorter of the scheduled usage period to the next major inspection event or the remaining life of the aircraft or lease term (as appropriate to their estimated residual value).

Modifications: Modifications that enhance the operating performance or extend the useful lives of aircraft are capitalised and depreciated over the remaining estimated useful life of the asset or remaining lease term (as appropriate to their estimated residual value).

Required

Referring to the recognition criteria of an asset, explain how the subsequent major cyclical maintenance checks on and the modifications made to Qantass aircraft meet the recognition criteria of an asset when applying the principles of the current conceptual framework.