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1. Financial reporting.

In financial reporting, assets are possessions or resources owned or controlled by a reporting entity as a result of past events, and from which future economic benefits are expected to flow to the reporting entity.

Examples include cash, trade receivables, inventory and tangible fixed assets.

Assets are represented in the balance sheet by debit balances.


More generally, assets are any possessions or resources (whether or not they are owned by a financial reporting entity).

See also