An asset is defined in the conceptual .15 iframework as (: 1 a resource controlled by the entity as a result of past events a resource controlled by the entity as a result of future events and from which possible future economic benefits may flow .to the entity a resource controlled by the entity from which future economic benefits are .expected to flow to the entity a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to .the entity