You are the accounting and finance manager of an Internet Service Provider company. One of your companys directors come to you and stated `the success of an

Internet Service Provider, like a football team is primarily attributed to the skills and talents of our team players. You have not, however, reflected those skills as assets

on our statement of financial position though I found these as assets in the annual report of a successful football team. Why?'

Required : Explain to the director the principles underlying the reporting of assets.