Simplify the following text for a Grade 10 native English-speaking person.
Original: Probably the most accepted accounting definition of asset is the one used by the International Accounting Standards Board . The following is a quotation from the IFRS Framework : `` An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise . ''
Simplified: In business and accounting , an asset is an economic resource that can be controlled by somebody ( a person or an organization ) .