Recognition is the process of including within the financial statements items which meet the definition of an element according to the IASB’s Conceptual Framework for Financial Reporting . Which of the following items should be recognised as an asset in the statement of financial position of a company?
A.
A skilled and efficient workforce which has been very expensive to train. Some of these staff are still in the employment of the company
B.
A highly lucrative contract signed during the year which is due to commence shortly after the year end
C.
A government grant relating to the purchase of an item of plant several years ago which has a remaining life of four years
D.
A receivable from a customer which has been sold (factored) to a finance company. The finance company has full recourse to the company for any losses