Identify which of the conceptual framework elements have or have not been implemented in the following situations.
a. TRK Company invented a puncture-free bike tire, spending $80,000 on its development. The owner expects to generate $500,000 from this invention next year and so he has recorded $580,000 in an asset account entitled Puncture-Free Tire Asset.
b. The owner of TRK Company purchased an expensive bike trailer for transporting his children. When preparing the company financial statements, he did not include the bike trailer as a company asset.