Assets are rights or other access to future economic benefits controlled by an entity as a result of past transactions or events.
Although assets commonly have other features that help identify them (for example, they may be acquired at a cost and they may be tangible, exchangeable or legally enforceable), those features are not essential characteristics of an asset; their absence is not sufficient in itself to preclude an item from qualifying as an asset. [Statement of principles (SoP) for financial reporting, 4 paras 6 -7]