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:
“True variety is in that plenitude of real and unexpected elements, in the branch charged with blue flowers thrusting itself, against all expectations, from the springtime hedge which seems already too full, while the purely formal imitation of variety ... is but void and uniformity, that is, that which is most opposed to variety....”
—Marcel Proust (1871–1922)
“One definition of man is “an intelligence served by organs.””
—Ralph Waldo Emerson (1803–1882)
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