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Develop a new range of chemical-free cosmetics

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Reference no: EM133083297

Question: Clam Cosmetic has spent $220000 this year on a project to develop a new range of chemical-free cosmetics. As yet, it is too early for Clam Cosmetics management to be able to predict whether this project will prove to be commercially successful.

Explain whether Clam Cosmetics should recognise this expenditure as an asset, justifying your answer by reference to the Conceptual Framework asset definition and recog-nition criteria.

Reference no: EM133083297

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