Definition of an asset which FRS?

EveT

Hi all,

I trained under ias and ifrs, which standard under local gaap has the definition of an asset?

Frs 15 is the tangible asset standard but it doesn't seem to go into the definition so I presume it's in another standard?

Thanks in advance

Immy

I think it's in the framework.

20 Times 20 Times

Definitions of the elements relating to financial position
Asset. An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. [F 4.4(a)]

http://www.iasplus.com/en/standards/other/framework

ted2767

Little Pea wrote: »

Definitions of the elements relating to financial position
Asset. An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. [F 4.4(a)]

http://www.iasplus.com/en/standards/other/framework

Agree 100% that's the def as per the framework document and given convergence I personally would always go with that.http://www.dailymail.co.uk/news/article-2352246/Linzi-Ashton-Hunt-suspected-rapist-wanted-murder-mother-ex-girlfriend-beaten-death-home.html
Little Pea, glad the see you're swatting up for your exams or are some definitions just beat into you like they are with me!!

levi

I think the question is related to Irish/UK GAAP in which case the standard to refer to is FRS 5 - Reporting the substance of transactions - paragraph 17 probably has the definition you're look for https://www.frc.org.uk/Our-Work/Publications/ASB/FRS-5-Reporting-the-Substance-of-Transactions/FRS-5-Reporting-the-Substance-of-Transactions.aspx

The framework you're referring to is only for IFRS - for current Irish GAAP (pre FRS 101/2) you should look to FRS 5.