The International Accounting Standards Board's Conceptual Framework for Financial Reporting

The International Accounting Standards Board's Conceptual Framework for Financial Reporting defines an asset as:

A) A resource not purchased for resale in the normal course of business, held for long-term use in the business to produce goods or services.
B) A present obligation of the entity to transfer an economic resource as a result of past events.
C) A short term resource that is constantly changing.
D) A present economic resource controlled by the entity as a result of past events.