Required:
Write a 750 - 1000 word report that addresses the following criteria:
1. With reference to the Framework for the Preparation and Presentation of Financial Statements (Conceptual Framework) justify whether Emoney satisfies the definition and recognition criteria of an asset.
2. With reference to any appropriate accounting standards justify what is the correct initial accounting treatment for recording the value of Emoney.
3. Upon initial classification discuss the subsequent accounting treatment with respect to the initial classification.
4. Discuss any risks associated with the recognition of Emoney and the relevance this has for the accounting treatment.