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The meaning of past event is required to be a characteristic of an asset and what...

  1. The meaning of past event is required to be a characteristic of an asset and what are the important benefits of past event?

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Answer #1

An asset is defined as a resourse controlled by an entity as a result of PAST EVENT and from which future economic benefits are expected to flow to the entity. As a result of past event means that assets are only created when the event to control them actually takes place. The intension to purchase the asset should not result in the recording of the asset on the financial statements, for example if you intend to purchase a computer that you like but haven't bought it or paid any amount for it's not your asset, the significance of event lies here. The event of purchase of asset should take place

There are several significance of past events being a criteria for recognition or characteristic of an asset. If there wasn't such a clause then asset would have been recorded in the financials without happening of any event.

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