According to the AASB's Conceptual Framework an Asset Is Defined

According to the AASB's Conceptual Framework an asset is defined as a/an:

A) contingent item depending on another event occurs at some time in the future.
B) resource controlled by the entity as a result of future events and from which future economic benefits are expected to flow to the entity.
C) resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
D) item that has a physical existence and can be converted into cash within the next accounting period.