Ind as framework and Ind as16(conflict)

Only Conceptual framework 2018, defines asset as a current resource controlled as a result of past events which has the potential to produce future economic benefits.

In IndAS 16- there is no definition of assets in this standard because, the Conceptual framework defines the five elements- assets, liabilities, equity, expenses and income. Moreover, IndAS 16, will start prescribing accounting treatment as per this standard once a transaction is a qualifying asset as per the framework.