Why can a secret formula be recognised as an asset?

Hi Sir,
I have a question:
Recognition is the process of including within the financial statements items which meet the
definition of an element according to the IASB’s Conceptual Framework for Financial
Reporting.
Which of the following items should be recognised as an asset in the statement of
financial position of a company?
(i) A secret formula for the manufacture of a best-selling sauce. The recipe is kept
secure at the company premises and known only by the company directors
(ii) A highly lucrative contract signed during the year which is due to commence shortly
after the year end
(iii) Items that are to be sold via a third party agent which the company can no longer
control and cannot be returned to the company of they are unsold
(iv) A receivable from a customer which has been sold (factored) to a finance company.
The finance company has full recourse to the company for any losses
A. (i) and (iii)
B. (iii) and (iv)
C. (i) and (iv)
D. (ii), (iii) and (iv)
The answer is C

I am considering why the item (i) is recognised as an asset. The secret formula is unlikely to measure realiably, so it may not be an asset
Please explain why the secret formula is an asset
Thank you very much!