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Senorita Ltd. has spent $220 000 this year on a project to develop a new range of chemical-free cosmetics. As yet, it is too early

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Senorita Ltd. 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 Senorita's management to be able to predict whether this project will prove to be commercially successful. Explain whether Senorita Ltd. should recognise this expenditure as an asset justifying your answer by reference to the conceptual framework asset definition and recognition criteria

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