SFAS No. 1

a- i) According to SCON 6 article 25, assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Assets has three characteristics: it embodies a probable future benefit that involves a capacity or in combination with other assets, to contribute directly or indirectly to future net cash inflows, a particular entity can obtain the benefit and control others’ access to it and the transaction or other event giving rise to the entity’s right to or control of the benefit has already occurred.

Assessment of the Statement that Property is a Power Relationship Between People Property is the right to possess, enjoy or use a determinant thing, and includes the right of excluding others from doing the same. The concept of ownership or property has no single or widely accepted definition. Like any other concept it has great weight in public discourse and the popular usage varies broadly. Property is frequently conceived as a 'bundle of rights and obligations.' Property is stressed as not a relationship between people and things, but a relationship between people with regard to things.

Property rights that might once have been clearly and adequately defined can become vague and uncertain when surrounding circumstances change. That being said property rights are not a sufficient condition for successful negotiations, but they do seem to be a necessary

Any monetary item liquidated or exchanged for cash is known as an asset. Assets are equal to the total amount of debts, common shares, preferred shares, and undistributed earnings of a business. The three vital traits of assets are:

Situations occur where property rights’ dispute is not clear or personal or business gain can influence ethical decisions. Law establishes standards to mediate disagreement on rights to property. An item found can belong to the finder, the property owner where the item was found, or the responsibility of the authorities. Intrinsic value and sentimental value are not equivalent to profitability valuation. Law establishes limits to prevent property use beneficial to one from infringing harm to another. Specific examples establish necessity for a level of governance.

The third responsibility is to make the customers buy something so that the wealth of stockholders' increases. Until the 1970s, a company's value was determined by its book value. Over time, intangible assets, such as a company's intellectual property, customer value, franchises, goodwill, etc. have had an increasing effect on a

The conceptual framework states that physical practice is not essential to the existence of an asset that is why patent and copyright are regarded as asset if future economic benefits are expected to flow to the entity and if is controlled by the entity. There has aroused a serious problem in defining intangible assets in

The Conceptual Framework of Accounting is like a constitution for financial reporting, providing the foundation for standards. The Conceptual Framework provides structure to the process of creating financial reporting standards and ensures that standards are based

Over time however, users of financial statements began to question whether those principles and practices accurately reflected the market realities regarding the assets, their useful lives and their contribution to a company 's value. In addition, intangible assets have become increasingly more important as an economic resource.

Making sure that assets in the same class receive the same valuation treatment. This provides users of the financial statements with a true value of the company’s assets.

Assets can be defined as economic resources owned or controlled by the firm that deliver a future benefit for a business. They are acquired by the firm as a result of a past event or transaction.

The main objective of this paper is to articulate an argument which shows some essential weaknesses in this conception. While considerations of space and audience preclude doing this in a fully rigorous way. This paper also try to set out essential steps of property right conception.

The advantages and disadvantages of market value for liabilities are the same as those for assets. Such a measurement basis may be appropriate, for example, where the liability is attributable to

However, with respect towards the property class, there are certain elements that challenge this idea. One of these elements in particular is the propertyless class. One may note that the definition of the term propertyless class may be conceptualised as the ‘’class interests that are negatively privileged with respect to property belonging typically to one of the following types:’’

In order to have an ideal system of property rights, all rights must be completely assigned to individuals; the assigned individual can have an exclusive right to use their resources; all property can be freely transferred between owners, and all properties must be protected from involuntary seizure. “The fundamental purpose of property rights, and their fundamental accomplishment, is that they eliminate destructive competition for control