The Framework defines assets as:
A) resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity
B) probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events
C) the service potential expected from resources controlled by the reporting entity as a result of past events
D) future economic benefits expected from resources controlled by the reporting entity as a result of past events

Question

Quizplus · Accepted Answer

The definition of assets in the Framework is resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. This definition refers to assets as something that the entity has control over and expects to derive future economic benefits from, which is reflected in choice A.

The Framework Defines Assets As