Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events affecting the entity. The essential characteristics of an asset are:
- a probable future benefit exists involving a capacity to contribute directly or indirectly to future net
cash inflows;
- the entity can obtain the benefit and control the access of others to it;
- the transaction or event giving rise to the entity"s claim to or control of the benefit has already occurred.
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