asset (accounting)

- published subject indicator for topic maps

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SFAC No 6 

[Assets are] Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

IASB Framework for the Preparation and Presentation of Financial Statements

The future economic benefit embodied in an asset is the potential to contribute, directly or indirectly, to the flow of cash and cash equivalents to the enterprise.

ASB (UK) Statement of Principles for Financial Reporting 

Assets are rights or other access to future economic benefits controlled by an entity as a result of past transactions or events.

2003 IFAC Handbook of International Public Sector Accounting Pronouncements

Resources controlled by an entity as a result of past events and from which future economic benefits or service potential are expected to flow to the entity.

Framework for the Preparation and Presentation of Financial Statements - CCDG, Singapore

An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise.

 

other names

assets

 

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Note on PSI pages: The PSI pages are provided temporarily until superseded by higher authority. They were necessary to complete the research  -- and experiment -- being carried out in the web site http://www.accountingontology.com. A subject indicator is defined in the XTM Topic Maps 1.0 Specification as "a resource that is intended by the topic map author to provide a positive, unambiguous indication of the identity of the subject," and a PSI [published subject indicator] is defined as "a subject indicator that is published and maintained at an advertised address for the purpose of facilitating topic map interchange and mergeability [XTM]."

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This page was first published in August 2003; last updated  in September 2003.
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