Explain why, according to IFRS, each of the following items would be considered an asset by a company that makes computers. If an item isn’t an asset explain why not.

a. parts used to make the computers

b. a large sign outside the facility with the company’s name

c. defective parts that must be disposed of

d. a building

e. insurance paid in advance for theft and fire on the facility

f. money owed by customers