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.
Read the document
DownloadBDO can help you navigate the road ahead
Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.