Question
In January 2 0 2 3 , Kwality Builders Pty Ltd won an award for Best Custom House Project for the 2 0 2 2
In January Kwality Builders Pty Ltd won an award for Best Custom House Project for the year. As a result of this, customer demand has increased such that sales volume has increased by and the company has now charging higher margin on their project due to the high quality of their workmanship. Can the award of Best Custom House Project be accounted for an asset on Kwality Builders balance sheet? Discuss this with reference to the definition and recognition criteria of an asset in the Conceptual Framework.
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