Ben has recently signed a 6-year contract with a football club for 6 million pounds.

The contract with ben has been recognized as an asset on the club's financial statements. Ben is new to football and due to his recent business ventures has attracted a high load of social media attention.

1. Questions
2. Why can the club show the 6 million pound contract as an asset on the financial statement but not show human capital on the group's consolidated statements in line with international financial reporting standards? 
3. 
   
4. Which standards does it relate to and how does it relate to those standards what recognition criteria are met? 
5. 
   
6. Is the contract an intangible asset and why? 
7. 
   
8. If so, does it need to be tested for impairment? 
9. 
   
10. Why is human capital not an inatgible asset

Answer rating: 100% (QA)

1 The club can show the 6 million contract as an asset on its financial statements because it meets the recognition criteria for an intangible asset under international financial reporting standards I... View the full answer