General Motors Corporation (GM) is one of the world’s largest automakers. Explain why, according to IFRS, GM would consider each of the following items an asset. If an item isn’t an asset, explain why not.
i. Partially completed vehicle
ii. Shares in other companies that GM owns
iii. A vehicle that was involved in a collision during testing
iv. Tools employees use to assemble cars
v. Computer equipment and software used by engineers to design new cars
vi. The General Motors name
vii. Amounts owed to GM by dealerships for cars purchased
viii. Amounts owed to GM by a bankrupt dealership for cars purchased