Hello friends I just got assignment on the following issue and I have to comment on this for 1500 words can you people help me to understand this in more detail... jut what I need to do in this,,

'The notion of assets as future economic benefits is completely at odds with the recording of assets at historical cost. Comment on it.

People waiting for positive reply thanks.

Well, what I would do is go into detail about both subjects and then later bring it back together.First, make an opening statement/paragraph blahdeblahdeblah(writing a paper basics) Second, I would list the importantance of future economic benefits on the assets (ex. Profits or losses on those assets over long periods and how it effects your accounting records). Third, do the same for historical cost; in the accounting process there are assets that you must list at historical cost (land) and when you sell it, if what you get is over that historical cost it's a profit from that asset and vise versa. Then, I would compare and contrast on the both of them and list why "'The notion of assets as future economic benefits is completely at odds with the recording of assets at historical cost" and make a closing statement/paragraph; of course, this is the basics of writing papers/debates and you probably didn't really need this comment :P. Hope this helped you though and gl.

Great superfly999 thanks for helping me... lookin for what you said and I also told to give example on it and explain... and been advised to give in this way " You need to think about and analyse the relationship, if any, between the AASB definition of 'assets' and the measurement of 'assets' at cost". Thanks once again I am waiting for your reply .