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==Definition of Asset==
{{WikiProject Business|Accountancy=Yes|importance=Top}}
{{WikiProject Finance & Investment|importance=Top}}
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{{User:ClueBot III/ArchiveThis|archiveprefix=Talk:Asset/Archives/|format=Y|age=26297|index=yes|archivebox=yes|box-advert=yes}}
I entered a technical definition of asset to correct the previous conflation with "ownership," and emphasize that it is not "ownership" that defines an asset, (that relates to the related concept of "equity"), but "control" is the determinative factor (that excludes, in an accounting sense, any reference to legal control).
--[[User:Lance6968|Lance6968]] 22:38, 5 October 2006 (UTC)


== Assets ==
Well yes, you are, as usual, quite correct. One should not confuse an asset with the manner in which it is financed. Lance, your contributions to Wikipedia enhance human knowledge; and on behalf of all persons living and yet unborn, I hail you; may you enjoy a long life filled with many splendid things and adventures; and may [[Divine Providence]] shine upon you and all that you endeavor to do and give happy effect to.


People consider things like children and women also men to be assets but the things that are supposed to be assets are the most important things In a person's life. People consider businesses as their babies and people as assets and so I ask what is the real use of assets if we're going to be considered as assets [[User:Sinqobele|Sinqobele]] ([[User talk:Sinqobele|talk]]) 15:59, 29 July 2019 (UTC)
==Merge Asset Class==
Should asset class be merged into Asset? [[User:Avraham|Avi]] 22:18, 12 January 2006 (UTC)
:There is no [[Asset Class]] article. [[Asset class]] is a redirect. What do you want to merge exactly? [[User:Renata3|Renata]] 05:05, 13 January 2006 (UTC)
::I'm sorry, I meant [[Asset classes]] [[User:Avraham|Avi]] 14:58, 13 January 2006 (UTC)
::Well, any other suggestions? [[User:Avraham|Avi]] 18:11, 17 January 2006 (UTC)
::Merged [[User:Avraham|Avi]] 22:03, 17 January 2006 (UTC)
:::Good job. Just next time, '''[[Wikipedia:Be bold in updating pages|be bold]]'''! [[User:Renata3|Renata]] 23:52, 17 January 2006 (UTC)


The main criteria when recognizing tangible assets is that they are registered at their cost or value and then amortized/depreciated trought their usefull life. While intangible assets have different criteria, being the most important the difference between internally developed and externally acquired. Internally developed intangible assets can't be measured at their cost or even at associated costs like development, advertising costs or similar. The only exception could be R&D, in the development phase if they follow some specific rules they can be recognized. While externally acquired intangible assets like brands, can be registered at cost and amortized.) <!-- Template:Unsigned IP --><small class="autosigned">—&nbsp;Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[Special:Contributions/193.126.249.1|193.126.249.1]] ([[User talk:193.126.249.1#top|talk]]) 16:41, 21 January 2022 (UTC)</small> <!--Autosigned by SineBot-->
"Asset class" is a term of Canadian tax law wherefrom the cost of prescribed assets are added. Tax depreciation, called "capital cost allowance," is then deducted from the "asset class" balance using a "declining balance method." "Asset class" in Canada is exclusively a legal term defined without reference to the accounting or economic sense of "asset."--[[User:Lance6968|Lance6968]] 22:38, 5 October 2006 (UTC)

==Merge==
Merge it.(anon)
:Yeah, merge it.[[User:HereToHelp|HereToHelp]] 12:22, 13 October 2005 (UTC)

== Are shoes an asset class? ==

1. Features of an asset class:
Flow of benefits? YES
Can be excahnged for cash? YES
Is the result of a monetary transaction? YES
Can provide tangible or intangible benefits? YES

:future economic benifit? No, unless planning on reselling. For most people shoes are an expense. Although, it also can be argued that they do (i.e. you need shoes to go to work). In that case I would call them a fixed asset or long term asset (because they are held for more than 1 year).

2. http://news.bbc.co.uk/1/hi/world/asia-pacific/1173911.stm
Imelda Marcos owned lots of assets. She converted many of these to shoes. Ergo, shoes are an asset class.

Please add your discussion on this matter!

Shoes are an asset I suppose, but they are too trivial IMO to be called an asset class. [[User:MatthewKarlsen|MatthewKarlsen]] 11:05, 23 December 2005 (UTC)

:Shoes aren't securities, though. [[User:Rhobite|Rhobite]] 15:37, 13 January 2006 (UTC)

:If some sort of secondary market exists for shoes where I'm not aware of, then yes, shoes would indeed be an asset class. Make sure to disclose them.

There are 5 major items included into current assets:

1. Cash - it is the most liquid asset, which includes currency, deposit accounts, and negotiable instruments (e.g., money orders, checks, bank drafts).
2. Short-term investments - include securities bought and held for sale in the near future to generate income on short-term price differences (trading securities).
3. Receivables - usually reported as net of allowance for uncollectible accounts.
4. Inventory - trading these assets is a normal business of a company. The inventory value reported on the balance sheet is usually the historical cost or fair market value, whichever is lower. This is known as the "lower of cost or market" rule.
5. Prepaid expenses - these are expenses paid in cash and recorded as assets before they are used or consumed (a common example is insurance). See also adjusting entries.



Shouldn't #3 read: " 3. Receivables - usually reported as net of allowance for UNCOLLECTED accounts."?

:No, it's right. What you said doesn't makes sense, though, because all receivables are uncollected.

== asset price inflation ==

I think sth should be said more clearly opposing assets to goods and asset price inflation to consumption goods inflation

Latest revision as of 09:50, 27 October 2024



Archives (Index)

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Assets

[edit]

People consider things like children and women also men to be assets but the things that are supposed to be assets are the most important things In a person's life. People consider businesses as their babies and people as assets and so I ask what is the real use of assets if we're going to be considered as assets Sinqobele (talk) 15:59, 29 July 2019 (UTC)[reply]

The main criteria when recognizing tangible assets is that they are registered at their cost or value and then amortized/depreciated trought their usefull life. While intangible assets have different criteria, being the most important the difference between internally developed and externally acquired. Internally developed intangible assets can't be measured at their cost or even at associated costs like development, advertising costs or similar. The only exception could be R&D, in the development phase if they follow some specific rules they can be recognized. While externally acquired intangible assets like brands, can be registered at cost and amortized.) — Preceding unsigned comment added by 193.126.249.1 (talk) 16:41, 21 January 2022 (UTC)[reply]

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