The IASB and FASB are currently working on a joint project to complete a common conceptual framework.Which of the following statements best describes the proposed (new) definition of an asset?
A)The asset must involve future economic resources and the entity has a right or access to
The resources, while others do not.
B)The asset must involve future economic resources and the resource must be freely
Available to all.
C)The asset must involve present economic resources and the entity has a right or access
To the resources, while others do not.
D)The asset must involve present economic resources and the resource must be freely
Available to all.

Question

Quizplus · Accepted Answer

The proposed definition of an asset emphasizes that it involves present economic resources and that the entity has a right or access to these resources, while others do not.

The IASB and FASB Are Currently Working on a Joint