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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]


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