Assessing probabilities in accounting recognition  LO7,8 The conceptual framework defines an asset as a resource from which future economic benefits are expected to flow. ‘Expected’ means it is not certain, and involves some degree of probability. At the same time the conceptual framework establishes, as a criterion for recognising an asset, that ‘it is probable that any future economic benefit associated with the item will flow to or from the entity.’ Again, an assessment of probability is required. Is there a redundancy, or possibly some type of inconsistency, in including the notion of probability in both the asset definition and recognition criteria?