According to the AASB Framework an asset should have a number of characteristics,including:
A) It must be owned by the entity.
B) It must be expected to provide future economic benefits to the entity.
C) The transaction giving rise to the ownership must have already occurred.
D) The future economic benefits must be very likely to eventuate.
E) All of the given answers.

Question

Quizplus · Accepted Answer

An asset must be expected to provide future economic benefits to the entity in order to be recognized as an asset according to the AASB Framework. The other characteristics mentioned (ownership, occurrence of transaction, and likelihood of future benefits) may be relevant, but they are not the primary requirement for classification as an asset.

According to the AASB Framework an Asset Should Have a Number