CLASSIFICATION, RECOGNITION AND DERECOGNITION OF ASSETS

We have tried to capture in this article the essential aspects that characterize the definition, recognition and derecognition of accounting assets, relying our research on the national and international accounting standards. Starting from the premise that an entity controls an asset if it has the ability to obtain future economic benefits from its use and that it may restrict the access of others to those benefits, we may support the theory that an entity can prove through estimations the existence of economic benefits attached to assets and is allowed to exercise control over all resources held. The use of controlled resources that an enterprise may have suggests the coverage of fixed assets, which becomes more comprehensive due to the transition to IAS application, integrating here the current assets that the company exploits, rents or holds as investment property. Thus, it can be explained in an entity's accounting the recognition of assets that are not owned, e.g. leasing assets held, situation in which the preeminence of economic principle over legal one is respected.