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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."
- "Asset - Definition and More from the Free Merriam-Webster Dictionary." Dictionary and Thesaurus - Merriam-Webster Online. online (accessed April 3, 2011).
- FASB Concept Statement No. 6, paragraph 25
- IASB Conceptual Framework, paragraph 49