Asset: Difference between revisions
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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> | ||
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== References == | == References == | ||
{{reflist}} | {{reflist}} | ||
[[Category:Concepts]] | |||
Revision as of 22:39, 4 April 2011
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]