define tangible events
Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset.Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).mployees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Framework's definition of an asset.