Please be aware of the discussion forum for the assignment it available on blackboard. Use this instead of emails to janet as this way all students have access to the same information. There are no lectures or tutorials next week (week 6) to give time to work on the assignment. The assignment is due on 1 september. Definition: an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity (aasb framework, para. Characteristics: future economic benefits expected to flow to the entity, benefits are controlled by the entity, control over benefits arises from past events. Potential to contribute directly or indirectly to cash flows: anything associated with the cash flow of the business ie bph = drilling business but none of this happens unless there are people in administrative roles.