(b) Define assets according to the Conceptual Framework for Financial reporting that was issued in March 2018 by the IASB. 3

Question

(b) 	Define assets according to the Conceptual Framework for Financial reporting that was issued in March 2018 by the IASB. 	3

Bot GPT 3.5 · Answer

According to the Conceptual Framework for Financial Reporting, an asset is defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Assets represent probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.