The Board continued its discussion of the definition of an asset. The objective of the discussion was to decide on a definition that could be used as a working definition of an asset as the Board proceeds with other aspects of Phase B of the Conceptual Framework project.

The Board tentatively agreed that:

• the focus of the definition of an asset should be on a present economic resource rather than on future economic benefits; and
• an assessment of likelihood should be remove from the definition of an asset.

The Board concluded that the definition should focus on the present rather than on past transactions or events.

The Board then considered whether the term 'control' should be replaced with the phrase 'present rights or other access', and whether the definition should include the phrase 'to the exclusion of others'.

The Board tentatively agreed that the working definition of an asset should focus on 'present rights or other access'. It did not agree to including 'to the exclusion fo others'. It requested that staff consider how better to express the notion of 'other access'.

The Board did not decide on the sequencing within the definition, and it asked staff to prepare a paper outlining how the definition would read:

The Board then considered whether the term 'control' should be replaced with the phrase 'present rights or other access', and whether the definition should include the phrase 'to the exclusion of others'.

The Board tentatively agreed that the working definition of an asset should focus on 'present rights or other access' and include the phrase 'to the exclusion of others'. However, the Board did not decide on the sequencing within the definition, and it asked staff to prepare a paper outlining how the definition would read:

• if the 'right' is discussed first; and
• if 'resource' if discussed first.

This paper will be discussed at the joint meeting with the FASB to be held next week.