Asset: Difference between revisions
Huckelberry (talk | contribs) mNo edit summary |
Pestergaines (talk | contribs) m +link |
||
| (One intermediate revision by the same user not shown) | |||
| Line 1: | Line 1: | ||
An '''asset''' is | An '''asset''' is an item of [[value]] owned.<ref name="dictionary">"Asset - Definition and More from the Free Merriam-Webster Dictionary." Dictionary and Thesaurus - Merriam-Webster Online. [http://www.merriam-webster.com/dictionary/asset online] (accessed April 3, 2011).</ref> | ||
According to U.S. GAAP: | According to U.S. [[GAAP]]: | ||
<blockquote>"[An Asset is a] probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events."<ref name="FASB">FASB Concept Statement No. 6, paragraph 25</ref></blockquote> | <blockquote>"[An Asset is a] probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events."<ref name="FASB">FASB Concept Statement No. 6, paragraph 25</ref></blockquote> | ||
Under International Financial Reporting Standards or IFRS, an asset is: | Under International Financial Reporting Standards or [[IFRS]], an asset is: | ||
<blockquote>"...a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity."<ref name="IASB">IASB Conceptual Framework, paragraph 49</ref></blockquote> | <blockquote>"...a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity."<ref name="IASB">IASB Conceptual Framework, paragraph 49</ref></blockquote> | ||
| Line 12: | Line 12: | ||
== References == | == References == | ||
{{reflist}} | {{reflist}} | ||
[[Category:Concepts]] | |||
Latest revision as of 10:11, 1 January 2012
An asset is an item of value owned.[1]
According to U.S. GAAP:
"[An Asset is a] probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events."[2]
Under International Financial Reporting Standards or IFRS, an asset is:
"...a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity."[3]