Footnote 8
The FASB defines assets as “probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events” (SFAC No. 6, p. 12).
License
Financial Accounting adapted by Prof. Philip C. Sookram at Saint Peter's University (Jersey City, New Jersey) Copyright © 2020 by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.