Formal Definition
- An asset is a resource controlled by the entity as a result of past events or transactions and from which future economic benefits are expected to flow to the entity (Framework Par 49a).
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Famous quotes containing the words formal and/or definition:
“Good gentlemen, look fresh and merrily.
Let not our looks put on our purposes,
But bear it as our Roman actors do,
With untired spirits and formal constancy.”
—William Shakespeare (1564–1616)
“No man, not even a doctor, ever gives any other definition of what a nurse should be than this—”devoted and obedient.” This definition would do just as well for a porter. It might even do for a horse. It would not do for a policeman.”
—Florence Nightingale (1820–1910)