Asset

An asset is an item of value owned.

According to U.S. GAAP:

"'[An Asset is a] probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events.'"

Under International Financial Reporting Standards or IFRS, an asset is:

"'...a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.'"