Kervalan is emerging from three loss-making years and has 1,200,000 of losses carried forward (five-year period, data). Documented evidence: 200,000 of taxable differences reversing within the period; signed firm contracts that will generate 500,000 of taxable profit within the period; an uncontracted budget adding 700,000. Management and the auditor judge the contracts convincing, but not the budget (judgement in the case). Tax rate: 25%. Which asset is recognised?