On the Attributes of an Asset

Definition of the elements of financial accounting has been a much discussed topic since the Financial Accounting Standards Board (FASB) began work on their Conceptual Framework Project. Defining assets, liabilities, revenues, expenses and other elements has been attempted by many knowledgeable accountants but, to date, no single, generally accepted set of definitions exists. This paper will focus upon the definition of assets and will, through an examination of FASB Statements, attempt to derive an implicit definition of assets from the pronouncements of the FASB.