Question: Vanessa has undertaken a significant exploration program in outback Australia that led to the discovery of a large deposit of silver. Robust geological assessments indicate

Vanessa has undertaken a significant exploration program in outback Australia that led to the discovery of a large deposit of silver. Robust geological assessments indicate the ore body comprises no less than 1.25 million ounces of silver that can be readily and economically mined, refined and shipped.

Answer to both part a) and b) required:

(a)	Does the deposit of silver meet the definition of an asset to Vanessa according to the IASB Conceptual Framework? Why or why not?
(b)	Under what circumstances may the deposit of silver be recognised in the balance sheet of Vanessa according to the IASB Conceptual Framework?

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