... characteristics of Assets and Expenses. The definition of assets identifies three essential characteristics. * First, there must be a future economic benefit. * Second, the entity must have control over the future economic benefits such that it is able to enjoy the benefits and deny or regulate the access of others to the benefits. * Third, the transaction or the event, giving rise to the entity's control over the future economic benefits must have occurred. Firstly the future economic benefits flowing from "human capital" may include increased revenue from sales of products or services, cost savings or other benefits resulting from the use of humans by their entity. For example, an experienced member of staff with market knowledge can make crucial decisions which may reduce future production costs rather than increase future revenues, as this is still an economic benefit to the business. Control over "human capital" can come in the form of ...

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