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Hi Mike!
I actually have some issues with the definition of an asset.
Could you explain what does “controlled by the entity as a result of past events” mean?“controlled by the entity” means that the entity / company / partnership … has the ability to use the item and to prevent others from using that item
Then you come to a tricky point about whether your employer controls you – the employer is able to direct you to perform specific tasks and is able to prevent you from working for any other organisation whilst you are an employee. So, are you under the control of your employer? Absolutely not! You can leave and find work elsewhere
“as a result of past events” – where’s the difficulty? Something has happened in the past (a purchase, a gift, an award, the signing of a contract, the exchange of money or other consideration …) and, as a result of that event happening, the item under review (the asset) is now under our control
OK?
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