Asset
From Mises Wiki, the global repository of classical-liberal thought
An asset is an item of value owned.[1]
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."[2]
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."[3]
