Assets: Difference between revisions

Revision as of 11:26, 29 October 2020

1. Financial reporting - balance sheet.

In financial reporting, assets are present economic resources controlled by a reporting entity as a result of past events.

An economic resource is a right that has the potential to produce economic benefits.

Examples include cash, trade receivables, inventory, tangible fixed assets and some intangible assets.

Assets are represented in the balance sheet by debit balances.

2.

More generally, assets are any possessions or resources (whether or not they are owned by a financial reporting entity).

@@ Line 1: / Line 1: @@
 . ''Financial reporting - balance sheet.''
-In financial reporting, assets are possessions or resources owned or controlled by a reporting entity as a result of past events, and from which future economic benefits are expected to flow to the reporting entity.
+In financial reporting, assets are present economic resources controlled by a reporting entity as a result of past events.
-Examples include cash, trade receivables, inventory and tangible fixed assets.
+An economic resource is a right that has the potential to produce economic benefits.
+Examples include cash, trade receivables, inventory, tangible fixed assets and some intangible assets.
 Assets are represented in the balance sheet by debit balances.
@@ Line 25: / Line 27: @@
 * [[Direct investment]]
 * [[Disaggregation]]
+* [[Economic resource]]
 * [[Enhancement expenditure]]
 * [[Equity]]