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Section PS 3210 - Assets

Assets are economic resources controlled by a public sector entity as a result of past transactions or events and from which future economic benefits are expected to be obtained.

There are three essential characteristics of assets:

  • They embody future economic benefits that involve a capacity, singly or in combination with other assets, to provide goods and services, to provide future cash inflows, or to reduce cash outflows;
  • The public sector entity can control the economic resource and access the future economic benefits; and
  • The transaction or event giving rise to the public sector entity's control has already occurred.

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