The statement of financial position, or balance sheet, is the financial statement that presents the financial condition of a company. This is the relationship between assets, liabilities and ownership equity of the business at a given date. The criteria to identify an entry as an asset have evolved along history: Since the existence of a value associated with the entry, going through issues such as tangibility, legal ownership, potential use of a service in the future and the applications done by the capital provided to the business, to the control over future economic benefits that must necessarily be associated with the asset. It’s necessary to consider the fact that the recognition of entries, in general, within the financial statements in different countries, has always been subject to certain local conditions for any moment in history. Therefore, the concept of asset, from the point of view of various authors, and from the point of view of the accounting rules used, is discussed, in order to get at what is defined nowadays within the Framework of International Financial Reporting Standards, as an asset and consequently should be recognized as such in the financial statements of the business: A concept mainly associated to the existence of resources from past events that incorporate future economic benefits are controlled by the business.