Under a lease agreement,the lessee may have control of an asset even if the lessee does not have legal ownership.According to the AASB Framework this is not a sufficient basis for recording an asset.

Question

Quizplus · Accepted Answer

According to the AASB Framework, control over an asset is a key criterion for recognizing an asset in the financial statements, not necessarily legal ownership. Therefore, if a lessee has control over an asset under a lease agreement, this can be a sufficient basis for recording the asset.

Under a Lease Agreement,the Lessee May Have Control of an Asset