In January $2023,$ Kwality Builders Pty Ltd won an award for $$Best Custom House Project$$ for the $2022$ year. As a result of this, customer demand has increased such that sales volume has increased by $20\%$ 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 Builder$$s balance sheet? Discuss this with reference to the definition and recognition criteria of an asset in the Conceptual Framework.

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Kwality Builders Pty Ltd won the Best Custom House Project award in January 2023 However the company ... View the full answer