Chapter 10 Assets Recognize importance of assets in new view.

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Presentation transcript:

Chapter 10 Assets Recognize importance of assets in new view. Define assets. Identify concerns about the definition of assets.

Importance of B/S No, the Balance Sheet! Importance… Start with assets….

Assets-Their Nature 3 Reasons for New Importance What are they? Easy to imagine…

Asset Definition SFAC 6 definition Assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. 1980 ? Why so hard to define assets?

Assets SFAC 6 required elements: probable (Reasonably Expected) f.e.b. in cash flows (direct & indirect) controlled: exclude; shared past transaction Lottery ticket: first issue

Asset Valuation Valuation not value Two Valuation models

Asset valuation Dominant vs. Consistent with definition ? Lottery ticket case, second issue- $ Third issue, effect of secondary market

Asset Issues Controversy: W. Schuetz Two concerns…. Cash, claims to cash or services and things that can be sold separately for cash. Agree with him?

Asset issues Controversy: Samuelson Assets vs expenses Economic (benefit) vs legal (proprietary) components

Other Asset Definition Concerns Probable? 65%, 79%, 80% or whatever Past trans or event? Transaction based?

Reporting Assets Classification