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In financial accounting, an asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset).
The balance sheet of a firm records the monetary value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business.One can classify assets into two major asset classes: tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets. Current assets include inventory, while fixed assets include such items as buildings and equipment.
Intangible assets are nonphysical resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, and financial assets, including such items as accounts receivable, bonds and stocks.

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    NSW Assign a contingent asset?

    I am about to sell the majority of shares in my pre-CGT company. There was a large amount of money stolen from the company several years ago, and there is the potential to recover some of that through legal action. The purchaser doesn't want to pursue the legal action, as he's paying nothing for...
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    QLD Treatment of pre-marriage shares, used for post-marriage rights issues, in a settlement

    Partner A inherited shares in one company prior to marrying. During the 35 year marriage, the couple accumulated 20x the number of original inherited shares, mainly because of generous rights issues by the company. Now the couple is going through a settlement. Which interpretation would be most...
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    QLD How to legally plan ahead to protect family home?

    Hi everybody, Could I please discuss a scenario. Apologies if too much detail is presented, I'd just rather go with too much than not enough :) A couple are in the market to buy their first family home. This will never become an investment property. They have been together for more than 10...
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    WA Probate asset classification Lease for Life

    I am going throught he joys of trying to do probate myself an have pretty much everything sorted. However I cannot find any clarification if a Lease for Life loan provided to the owner would be classified as a movable or immovable asset given how it is tied to the property. Can anyone confirm...
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    NSW Ex Partner Has My Car and wont return it

    Hi Guys, Just looking for abit of advice, A quick bit of background information, ex and i were together for 8 years, seperated over 25 months ago, no binding financial agreements, no court orders, no joint assets except for perhaps this car. Car has always been registered in my name. Loan...
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    QLD property settlement - property valuation and asset pool

    Hello Dear forum members I have a question which I disagreed with my lawyer, I will really appreciate some feedback from our forum members. Here is a short background. 6 years of marriage, two young children, 50/50 care. Before I met him, I purchased a property (oversea) for my mom to live...
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    Speration assets fairly

    Hello Together for 8 years Married for 2.5 Have a 3year child together Both had a house when we met but he had a bit more equity. I sold my house and used profits to buy investment house and he used equity. We have our primary residence. His name on title but both on mortgage And investment...
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    NSW Pensioner with undeclared cash asset

    I am looking at becoming the enduring guardian for a couple in their 90s. They are Australian citizens but grew up in Europe between World War 1 and World War 2. As such they lack trust in banks. they have rented all their lives, have limited assets <$100k and are on full pensions. In a recent...