Novel Ideas Ltd is a company that scouts for innovative designs, products and ideas to turn intolucrative ventures.One of these ventures included the purchase of a patent design of a light bulb for R150 000 fromDesign Ltd, invented by a young student living in an impoverished area in the Western Cape.Many high school students living in one-roomed households, found studying late at night to be aproblem. Switching on the light to study would result in disturbing the whole household.The student invented a lightbulb made out of plastic, that individuals with a similar situation athome can use to study without disturbing their family.Novel Ideas Ltd purchased the patent from Design Ltd, for R150 000. The patent gives Novel IdeasLtd the sole right to design and manufacture these light bulbs. The company has orders fromeducational institutions across the country and has also partnered with local businesses, who aspart of their social responsibility will buy and funnel these bulbs to students in need. Theestimated sales within the first year based on confirmed orders are 500 000 units, at a satisfactoryprofit margin.Q.5.1 Discuss in terms of the Conceptual Framework for financial reporting, whetherthe patent can be recognised as an asset in the financial statements of NovelIdeas Ltd for the year ended 31 December 2020.(10)Your answer must comply with the requirements of the International FinancialReporting Standards (IFRS).
The word ‘plant’ is derived from a _________ word.
American
Latin
Greek
Chinese
Biodiversity is responsible for ________.
providing clean air
providing valuable crops
providing healthy soil
all of the choices