Assets and control

Assets are a very important part of a business and it’s vital that they are reported correctly on the statement of financial position; that is that they are recognised only when they should be and the amount attributed to them is a faithful reflection of their value. I want to help you understand why we account for various assets in the way that we do and what better place to start than with the definition of an asset as per the IASB’s Conceptual Framework.

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