Accounting for assets

Question 1

What is the definition of an asset according to the conceptual framework?

Answer 1

A present economic resource controlled by the entity as a result of past events, where an economic resource is a right that has the potential to produce economic benefits.

Question 2

Whats the differnece between the definition of an asset between the concenptual frameowkr and IAS 16?

Answer 2

IAs 16 says future economic benefits are expected to flow from the asset whereas the conceptual framework says the economic resource has the potnetial to folow.