ASSETS AND ASSET RECOGNITION

Explain whether you would recognise each item below as an asset, justifying your answer by reference to the Conceptual Frameworks asset definition and recognition criteria:

• a trinket of sentimental value only
• discovery (at insignificant cost) of evidence of mineral reserves
• specialised equipment with zero disposal value, which now, because of downsizing, is surplus to requirements and has thus been retired from use
• your staff
• goods held on consignment for another entity.