Page 16 - 2018 Finac1 Test 3 Class Slides - 2. Intangible Assets
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TEST 3 PREPARATION
Control – 38.13
• An entity controls an asset if the entity has the
power to obtain the future economic benefits
flowing from it and to restrict the access of others
to those benefits.
• Control exists because of enforceable legal rights.
• However, legal enforceability is not a necessary
condition for control since the future economic
benefits may be controlled in some other way.
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