According to the IPSASB's Conceptual Framework, how would you define an "asset"?

Please select the right answer.

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A resource owned by a public sector entity as a result of past events and from which future economic benefits are expected to flow to the enterprise

A resource presently controlled by a public'sector entity as a result of past events

A resource owned and controlled by a public sector entity as a result of past events and from which service potential is generated

None of the above