Research paper on definition of an asset
04 Feb, 2010
The European Financial Reporting Advisory Group (EFRAG) and the Autorité des Normes Comptables (ANC, French accounting standard setter) have jointly published a staff research paper on the proposed new definition of an asset tentatively adopted by the IASB and FASB.
Current definition of an asset in the IASB Framework: An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Proposed new definition: An asset of an entity is a present economic resource to which the entity has a right or other access that others do not have. |