In 2018! the IASB issued a new version of t Assets in IFRS he Conceptual Framework for Financial Reporting (abbreviated Concept)! and the document became mandatory for application from 1 January 2020. This document sets out all the main concepts required for the preparation of financial statements.
In particular! a new definition of an asset has appeared .
So! what is an asset? The answer to this question has a lot to do with whether an asset can bulk sms turkey be recognized if there is no ownership right to it! but the organization can use it and derive benefits. Or! conversely! there is ownership right to the asset! but the ability to derive benefits is limited.
The new definition in the Conceptual Framework is very brief.
An asset is an existing economic resource controlled by an entity as a result of past events.
An economic resource is a right of an enterprise that provides the potential for obtaining economic benefits.
To conclude whether an asset exists! three components must be analyzed:
right
potential for economic benefits
presence of control
The right can be expressed in different forms! for example! in the form of a right of claim against another party:
to receive cash (for example! accounts receivable! financial asset)
receipt of goods or services (e.g. advances issued)
for the exchange of economic resources on favorable terms (for example: an option or forward on favorable terms)
The right may also be expressed in a form that is not related to the right of claim analysis of question #1 from the dipifr exam december 2018 against the other party! for example:
the right to physical objects (for example: the right to use fixed assets! stocks; the right to benefit from the residual value of the leased object! etc.)
the right to use intellectual property (for example: intangible assets)
But there are resources that! in the context of the “right” criterion! cannot be assets.
1. The right to receive economic resources from itself – for example! a sab directory debt or equity instrument issued by a company and repurchased and held by it (treasury shares )
2.Rights that are available to all other parties without significant cost (for example! obtaining important commercial information from a professional organization). The rights must provide the potential for economic benefits in excess of those available to other parties for an asset to be recognized.