Question: a) i. Ownership is often concurrent with control, but it is not essential characteristic of an asset. The framework definition of assets requires future economic

a) i. Ownership is often concurrent with control, but it is not essential characteristic of an asset. The framework definition of assets requires future economic benefits to be controlled by an entity before they can be regarded as an asset. Required: Discuss the economic benefits must be controlled by the entity in order to qualify as an asset (Relate your discussion with accounting principles) (6 marks) (CLO2:PLO5:05)

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