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== References == | == References == | ||
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Revision as of 19:17, 3 April 2011
An asset is a 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]