What is the definition of non-current assets

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An assistant in your team has been criticised over a piece of assessed work that he produced for his study course for giving the definition of a non-current asset as 'a physical asset of substantial cost, owned by the company, which will last longer than one year'.

Question 1: With the use of examples provide an explanation how the assistant has weaknesses in his definition of non-current assets when compared to the International Accounting Standards Board's (IASB) view of assets.

Reference no: EM132492183

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