Which of the following is not a characteristic of an asset,according to the IASB Framework?
A) Expected future economic benefit
B) The entity must have ownership over the resource giving rise to the future economic benefits
C) The transaction or event giving rise to the ownership over future economic benefits must have occurred
D) The reporting entity must have control over the resource to benefit from it, or to deny or regulate the access of others to the benefit

Question

Quizplus · Accepted Answer

According to the IASB Framework, ownership over a resource is not a necessary characteristic of an asset. Instead, the focus is on whether the entity has control over the future economic benefits generated by the resource.

Which of the Following Is Not a Characteristic of an Asset,according