The New Zealand Framework's definition of an asset is:
A) a resource controlled by the entity as a result of past events and from which economic benefits are expected to flow to the entity.
B) the claims of outsiders against the entity.
C) a resource owned by the business that will provide future benefits.
D) an item of value held by the entity.

Question

Quizplus · Accepted Answer

The New Zealand Framework defines an asset as a resource controlled by the entity as a result of past events and from which economic benefits are expected to flow to the entity. This definition emphasizes that an asset is something that the entity has control over, and that it is expected to provide future economic benefits.

The New Zealand Framework's Definition of an Asset Is