Research On The Definitions Of Asset

This paper examines the mass accounting definitions of an asset and analyses the link between those definitions .The extent to analysis also provides a critical review of the mainstream statements on Elements of Financial Accounting. First we compared each definition with those of the previous authoritative bodies. If the previous authoritative definitions on asset can be adjudged failures, there is reason to believe that the present effort will have a similar future. Second ,we conclude the several orderliness of evolution as to why accountants continue to seek an authoritative definition of asset are offered and how the specialists and scholars did it. In the third part of this paper, we discuss the definition on asset whether have any direct effect on the Financial Accounting conceptual framework (CF),such as objects ,assumptions, other elements and so on. Although there are too divers to provide common criteria for existing conceptual framework . We deciced , therefore , to use this kind of thoughtway in our review and arrive at answers to two further questions: (a) What are the core and fundamental boundary in developing scientific definition ; (b) How we describe the asset in the changing world ? The final section of the paper contains the answers of these questions.