The key characteristics of an asset as defined in the Framework include:
A) There must be future economic benefits.
B) The reporting entity must control the future economic benefits.
C) The asset results from past transactions.
D) all of the given answers.

Question

Quizplus · Accepted Answer

All of the given answers are correct. An asset must have future economic benefits, be under the control of the reporting entity, and result from past transactions or events.

The Key Characteristics of an Asset as Defined in the Framework