Assets
Code: 1000
👁 Views: 39
Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Debit |
Definition
Represents all economic resources owned by the company
Sub-accounts
1100
Current Assets
1200
Non Current Assets
Related Accounts
International Accounting Standards
IFRS
IAS 1
Presentation of Financial Statements
Assets are resources controlled by the entity as a result of past events from which future economic benefits are expected.
US GAAP
ASC 105
Generally Accepted Accounting Principles
Similar definition. Assets classified as current or non-current based on liquidity.