Assets
Code: 1000
👁 Views: 129
Account Information
| Financial Statement | Statement of Financial Position |
| Normal Balance | Debit |
Definition
Represents all economic resources owned by the company
Sub-accounts
1100
Current Assets
1200
Non Current Assets
Related Accounts
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 1
Presentation of Financial Statements
US GAAP
ASC 105
Generally Accepted Accounting Principles
❓ Frequently Asked Questions
Q: What are assets?
A: Assets are economic resources controlled by the entity from which future economic benefits are expected.
Q: How are assets classified?
A: Assets are classified into current assets (converted to cash within one year) and non-current assets (serve the entity for more than one year).
Q: Can the asset balance be negative?
A: No, the asset balance cannot be negative under normal circumstances. A negative balance indicates an accounting error.