Assets: Difference between revisions
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2. | 2. ''Assets & liabilities.'' | ||
More generally, assets are any possessions or resources (whether or not they are owned by a financial reporting entity). | More generally, assets are any possessions or resources (whether or not they are owned by a financial reporting entity). | ||
Revision as of 10:21, 18 March 2021
1. Financial reporting - balance sheet.
In financial reporting, assets are defined as 'present economic resources controlled by a reporting entity as a result of past events'.
An economic resource is a right that has the potential to produce economic benefits.
Examples include cash, trade receivables, inventory, tangible fixed assets and some intangible assets.
Assets are represented in the balance sheet by debit balances.
2. Assets & liabilities.
More generally, assets are any possessions or resources (whether or not they are owned by a financial reporting entity).
See also
- Accruals accounting
- Alienation of assets
- Balance sheet
- Capital
- Chargeable asset
- Current assets
- Debit balance
- Depreciating asset
- Depreciation
- Direct investment
- Disaggregation
- Economic resource
- Enhancement expenditure
- Equity
- Fair value
- Financial asset
- Financial liability
- Financial risk
- Fungible
- Hire purchase
- Intangible assets
- Interest
- Interest gap
- Inventory
- Lease
- Liabilities
- Liabilities and equity
- Long life assets
- Mismatch
- Net assets
- Net worth
- Offset
- Prepayments
- Reporting entity
- Return
- Sale and leaseback
- Short life asset
- Tangible asset
- Trade receivables
