The key characteristics of an asset as defined in the Conceptual Framework include:
A)There must be future economic benefits.
B)The reporting entity must control the future economic benefits.
C)The asset results from past transactions.
D)all of the given answers.

Question

Quizplus · Accepted Answer

All of the given answers are key characteristics of an asset as defined in the Conceptual Framework. There must be future economic benefits associated with the asset, the reporting entity must control those benefits, and the asset must result from past transactions.

The Key Characteristics of an Asset as Defined in the Conceptual