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Jone Varea, Chief Executive Officer of Lamenting Ltd based in Honiara Islands was quoted saying "The greatest asset any business has is its employees. And like any asset, your people need to be invested in." Lamenting Ltd. has over one hundred and fifty employees servicing its two main branches selling building materials and home furniture. Referring to employees as assets is popular within business. "Our employees are our greatest asset" is commonly doled out by many business people - but are they recognised as assets in the financial statements? The Financial Officer disputes the recognition of employees as assets and states that they are either liabilities or expenses.
Required
Problem 1: In light of the Conceptual Framework discuss whether employees should be recognised as an asset or expense in the financial statements of Lamenting Ltd. (Apply and explain within the parameters provided in the Conceptual Framework)
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