Asset: Difference between revisions
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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> | ||
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]