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Definition of an asset under the conceptual framework

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"Employees are your most valuable assets. They are the heart and guts of a company." Carlos Ghosn, the disposed chairman and CEO of the Renault-NissanMitsubishi Alliance, once said. However, employees are not listed as an asset in the statement of financial position of the company.

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Question 1: Using the definition and recognition criteria of an asset under the conceptual framework of the Australian Accounting Standard Board (AASB), explain whether employees are considered assets of a company.

Reference no: EM132605473

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