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The Conceptual Framework discusses essential and non-essential characteristics of an asset. Consider which characteristics of an asset are essential, explaining why you regard other characteristics

The Conceptual Framework discusses essential and non-essential characteristics of an asset. Consider which characteristics of an asset are essential, explaining why you regard other characteristics as being non-essential. How would these characteristics change as a result of the proposed asset definition put forward by the IASB and the FASB?

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