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Explain definition and recognition criteria of an asset

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Question: A company has an extensive customer base. Over many years it has built a detail customer list which includes various demographic contact detail purchasing history and preference data. It has spent quite a lot of resources on developing this customer so that it can effectively target making campagins and manage customer relations. A number of businessess have approached the company to purchase their customer list and offered price from $60000-210000. However the company has decided to not sell at this stage. Explain whether this customer would meet the definition and recognition criteria of an asset, applying the principles in 2018 conceptual frame work.

Reference no: EM132745796

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