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Explain the definition of the asset

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Question: Joe,the managing director of Valerina Ltd has signed a retrictive covenant following his resignation on 15th May 2019.The restrictive covenant is to prevent Joe from working in competition with Valerina Ltd for a period of three years.Valerina Ltd paid Joe $250,000 in respect of the agreement.Joe is required to compensate Valerina Ltd $500,000 shall he breach the terms.

Using the definition of the "asset" as stated in the Conceptual Framework, explain whether the restrictive covenant can be considered an asset to the business.

Reference no: EM132745213

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