Economic Asset
An Economic Asset is an economic resource that is a value-producing property (provides economic benefit to its economic owner through ownership right or control capability).
- AKA: Valuable Resource, Economic Property, Owned Resource, Economic Holding, Value-Generating Resource.
- Context:
- It can typically provide Future Economic Benefit through economic asset value generation.
- It can typically represent Ownership Right through economic asset legal title.
- It can typically maintain Exchange Value through economic asset market pricing.
- It can typically store Purchasing Power through economic asset value preservation.
- It can typically generate Income Stream through economic asset productive use.
- It can typically support Business Operation through economic asset functional utility.
- It can typically enable Competitive Advantage through economic asset strategic deployment.
- It can typically create Balance Sheet Entry through economic asset accounting recognition.
- It can typically establish Collateral Base through economic asset security function.
- It can typically undergo Valuation Process through economic asset worth assessment.
- It can typically experience Depreciation Effect through economic asset value reduction.
- It can typically provide Investment Return through economic asset appreciation potential.
- It can typically satisfy Regulatory Requirement through economic asset compliance standard.
- It can typically contribute to Portfolio Diversification through economic asset risk distribution.
- It can typically enhance Enterprise Resilience through economic asset strategic redundancy.
- It can typically demonstrate Capital Formation through economic asset accumulation process.
- It can typically reflect Market Condition through economic asset price discovery.
- It can typically sustain Operating Capacity through economic asset functional contribution.
- ...
- It can often require Maintenance Activity through economic asset preservation effort.
- It can often create Tax Obligation through economic asset fiscal treatment.
- It can often necessitate Risk Management through economic asset protection strategy.
- It can often enable Financing Option through economic asset leveraging capability.
- It can often determine Enterprise Valuation through economic asset worth contribution.
- It can often reflect Technological Change through economic asset obsolescence factor.
- It can often create Opportunity Cost through economic asset alternative use.
- It can often transfer Ownership Right through economic asset sale transaction.
- It can often involve Reporting Obligation through economic asset disclosure requirement.
- It can often experience Market Volatility through economic asset value fluctuation.
- It can often trigger Regulatory Scrutiny through economic asset compliance assessment.
- It can often require Insurance Coverage through economic asset protection policy.
- It can often generate Stakeholder Conflict through economic asset control dispute.
- It can often signal Business Strategy through economic asset allocation pattern.
- It can often influence Credit Rating through economic asset quality assessment.
- ...
- It can range from being a Tangible Economic Asset to being an Intangible Economic Asset, depending on its economic asset physical existence.
- It can range from being a Liquid Economic Asset to being an Illiquid Economic Asset, depending on its economic asset conversion speed.
- It can range from being a Current Economic Asset to being a Long-term Economic Asset, depending on its economic asset time horizon.
- It can range from being a Simple Economic Asset to being a Complex Economic Asset, depending on its economic asset structural sophistication.
- It can range from being a Low-risk Economic Asset to being a High-risk Economic Asset, depending on its economic asset volatility profile.
- It can range from being a Productive Economic Asset to being a Non-productive Economic Asset, depending on its economic asset income generation.
- It can range from being a Personal Economic Asset to being a Commercial Economic Asset, depending on its economic asset usage purpose.
- It can range from being a Regulated Economic Asset to being an Unregulated Economic Asset, depending on its economic asset oversight framework.
- It can range from being a Conventional Economic Asset to being an Emerging Economic Asset, depending on its economic asset recognition status.
- It can range from being a Domestic Economic Asset to being an International Economic Asset, depending on its economic asset jurisdictional location.
- It can range from being a Specialized Economic Asset to being a General-Purpose Economic Asset, depending on its economic asset application scope.
- It can range from being a Passive Economic Asset to being an Active Economic Asset, depending on its economic asset management requirement.
- ...
- It can facilitate Wealth Creation for economic asset accumulation strategy.
- It can enable Business Development through economic asset strategic investment.
- It can support Financial Planning via economic asset allocation decision.
- It can provide Economic Security through economic asset value stability.
- It can enhance Business Valuation via economic asset worth contribution.
- It can strengthen Credit Position through economic asset collateral utilization.
- It can promote Operational Efficiency via economic asset productivity optimization.
- It can improve Market Position through economic asset competitive advantage.
- It can hedge against Inflation Risk through economic asset value preservation.
- It can survive Economic Cycle through economic asset durability characteristic.
- It can navigate Currency Fluctuation via economic asset denomination diversification.
- It can withstand Market Disruption through economic asset resilience quality.
- It can accelerate Innovation Process via economic asset knowledge application.
- It can transcend Industry Boundary through economic asset cross-sector utility.
- ...
- Examples:
- Economic Asset Classes, such as:
- Tangible Economic Assets, such as:
- Physical Property Economic Assets, such as:
- Real Estate Economic Asset providing land ownership value.
- Building Economic Asset supporting operational space function.
- Infrastructure Economic Asset enabling essential service delivery.
- Natural Resource Economic Asset supplying raw material access.
- Agricultural Land Economic Asset supporting food production capacity.
- Urban Property Economic Asset capturing location-based premium.
- Manufactured Economic Assets, such as:
- Machinery Economic Asset supporting production capability.
- Equipment Economic Asset enabling operational function.
- Vehicle Economic Asset facilitating transportation utility.
- Inventory Economic Asset maintaining sellable product supply.
- Technology Hardware Economic Asset providing computing capability.
- Industrial Tool Economic Asset enabling manufacturing precision.
- Commodity Economic Assets, such as:
- Agricultural Economic Asset producing food resource value.
- Mineral Economic Asset providing industrial material supply.
- Energy Economic Asset delivering power generation capacity.
- Precious Metal Economic Asset storing value preservation medium.
- Water Right Economic Asset controlling essential resource access.
- Timber Economic Asset supplying renewable material source.
- Physical Property Economic Assets, such as:
- Intangible Economic Assets, such as:
- Financial Economic Assets, such as:
- Cash Economic Asset providing immediate purchasing power.
- Security Economic Asset representing investment instrument value.
- Receivable Economic Asset establishing future payment right.
- Financial Derivative Economic Asset enabling risk management function.
- Digital Currency Economic Asset facilitating blockchain-based transaction.
- Tokenized Economic Asset representing fractional ownership right.
- Intellectual Economic Assets, such as:
- Patent Economic Asset protecting invention exclusivity.
- Copyright Economic Asset securing creative work protection.
- Trademark Economic Asset safeguarding brand identity value.
- Trade Secret Economic Asset maintaining proprietary knowledge advantage.
- Software Economic Asset delivering programmatic functionality.
- Research Data Economic Asset supporting innovation decision.
- Relationship Economic Assets, such as:
- Customer Relationship Economic Asset generating revenue stream continuity.
- Supplier Relationship Economic Asset ensuring input resource access.
- Partnership Economic Asset creating collaborative advantage.
- Distribution Channel Economic Asset enabling market access capability.
- Strategic Alliance Economic Asset providing competitive ecosystem benefit.
- Membership Economic Asset accessing exclusive network advantage.
- Organizational Economic Assets, such as:
- Business Process Economic Asset optimizing operational efficiency.
- Corporate Culture Economic Asset supporting workforce productivity.
- Knowledge Base Economic Asset preserving institutional expertise.
- Management System Economic Asset enhancing decision-making quality.
- Operational Protocol Economic Asset standardizing quality assurance process.
- Data Architecture Economic Asset enabling information flow optimization.
- Financial Economic Assets, such as:
- Digital Economic Assets, such as:
- Data Economic Assets, such as:
- Digital Platform Economic Assets, such as:
- Algorithmic Economic Assets, such as:
- Recommendation Engine Economic Asset personalizing user experience.
- Process Automation Economic Asset reducing manual intervention need.
- Trading Algorithm Economic Asset executing market position adjustment.
- Security Protocol Economic Asset protecting digital asset access.
- Tangible Economic Assets, such as:
- Economic Asset Time Frames, such as:
- Current Economic Assets, such as:
- Cash Economic Asset providing immediate liquidity.
- Inventory Economic Asset supporting near-term sales.
- Accounts Receivable Economic Asset representing short-term collection.
- Marketable Security Economic Asset maintaining ready conversion potential.
- Short-term Investment Economic Asset preserving temporary capital deployment.
- Operating Supplies Economic Asset supporting day-to-day function.
- Long-term Economic Assets, such as:
- Fixed Property Economic Asset supporting multi-year operational need.
- Long-term Investment Economic Asset generating extended time horizon return.
- Patent Economic Asset providing multi-decade protection period.
- Brand Economic Asset creating enduring market recognition.
- Infrastructure Economic Asset delivering long-duration utility.
- Heritage Economic Asset maintaining multi-generational value.
- Current Economic Assets, such as:
- Economic Asset Ownership Structures, such as:
- Individual Economic Assets, such as:
- Personal Property Economic Asset providing individual utility.
- Household Economic Asset supporting family well-being.
- Personal Investment Economic Asset building individual wealth.
- Retirement Economic Asset securing future financial need.
- Estate Planning Economic Asset enabling generational wealth transfer.
- Education Economic Asset developing personal human capital.
- Business Economic Assets, such as:
- Corporate Economic Asset supporting commercial operation.
- Partnership Economic Asset enabling shared business activity.
- Proprietorship Economic Asset facilitating owner-operated enterprise.
- Cooperative Economic Asset benefiting member-based organization.
- Joint Venture Economic Asset combining multi-entity resource.
- Franchise Economic Asset replicating proven business model.
- Public Economic Assets, such as:
- Government Economic Asset providing public service delivery.
- Municipal Economic Asset supporting local community need.
- National Economic Asset maintaining country-level infrastructure.
- Sovereign Wealth Economic Asset preserving national financial interest.
- Public Trust Economic Asset safeguarding collective resource.
- Heritage Economic Asset protecting cultural significance.
- Collective Economic Assets, such as:
- Individual Economic Assets, such as:
- Economic Asset Risk Profiles, such as:
- Safe Economic Assets, such as:
- Government Bond Economic Asset offering sovereign guarantee.
- Gold Economic Asset providing crisis-resistant value store.
- Blue-chip Stock Economic Asset maintaining stable enterprise exposure.
- Treasury Security Economic Asset ensuring government-backed protection.
- Investment-grade Bond Economic Asset limiting default probability.
- Insured Deposit Economic Asset providing guaranteed principal protection.
- Speculative Economic Assets, such as:
- Venture Capital Economic Asset funding early-stage business.
- Cryptocurrency Economic Asset accepting digital market volatility.
- Emerging Market Economic Asset targeting high-growth region.
- Derivative Economic Asset leveraging amplified market exposure.
- Pre-revenue Startup Economic Asset banking on future commercialization potential.
- Distressed Debt Economic Asset pursuing recovery value opportunity.
- Safe Economic Assets, such as:
- Economic Asset Value Sources, such as:
- Use-Value Economic Assets, such as:
- Productive Equipment Economic Asset generating manufacturing capability.
- Software Economic Asset enabling operational functionality.
- Distribution Network Economic Asset facilitating market reach.
- Workforce Training Economic Asset enhancing human capital productivity.
- Research Laboratory Economic Asset supporting innovation capability.
- Quality Control System Economic Asset ensuring product reliability.
- Exchange-Value Economic Assets, such as:
- Investment Security Economic Asset appreciating through market pricing.
- Collectible Economic Asset gaining scarcity premium.
- Rental Property Economic Asset generating lease income stream.
- Royalty-Producing Economic Asset creating licensing revenue.
- Dividend Stock Economic Asset delivering periodic income distribution.
- Yield-bearing Token Economic Asset generating protocol participation reward.
- Use-Value Economic Assets, such as:
- Economic Asset Recognition Stages, such as:
- Traditional Economic Assets, such as:
- Physical Property Economic Asset representing historical accounting recognition.
- Financial Instrument Economic Asset following established reporting standard.
- Tangible Resource Economic Asset meeting conventional recognition criteria.
- Industrial Equipment Economic Asset fitting traditional accounting framework.
- Emerging Economic Assets, such as:
- Data Economic Asset creating information value.
- Algorithm Economic Asset enabling computational advantage.
- Digital Platform Economic Asset generating network effect value.
- Sustainability Credit Economic Asset monetizing environmental benefit.
- Genetic Material Economic Asset capturing biological innovation potential.
- Digital Identity Economic Asset controlling authentication capability.
- Traditional Economic Assets, such as:
- Economic Asset Management Approaches, such as:
- Active Economic Asset Managements, such as:
- Portfolio Rebalancing Economic Asset Strategy optimizing risk-return profile.
- Value Enhancement Economic Asset Program increasing asset performance metric.
- Strategic Acquisition Economic Asset Plan building competitive positioning.
- Active Trading Economic Asset System exploiting market inefficiency.
- Passive Economic Asset Managements, such as:
- Index-based Economic Asset Strategy capturing market-wide movement.
- Buy-and-hold Economic Asset Approach minimizing transaction cost impact.
- Preservation-focused Economic Asset Plan maintaining capital security.
- Income-oriented Economic Asset Program prioritizing yield generation.
- Active Economic Asset Managements, such as:
- Economic Asset Governance Structures, such as:
- Privately Governed Economic Assets, such as:
- Publicly Governed Economic Assets, such as:
- Regulated Entity Economic Asset following compliance oversight framework.
- Public Institution Economic Asset implementing taxpayer accountability principle.
- State-owned Enterprise Economic Asset serving national strategic objective.
- Public-private Partnership Economic Asset balancing multiple stakeholder interest.
- ...
- Economic Asset Classes, such as:
- Counter-Examples:
- Economic Liabilitys, which create payment obligations rather than economic asset value benefits.
- Economic Expenses, which represent value outflows rather than economic asset owned resources.
- Human Capital, which comprises personal skill and knowledge base rather than economic asset owned property, though it creates economic value.
- Natural Resource without property right, which lacks economic asset ownership claim despite having inherent value.
- Public Good without excludability, which provides general benefit without economic asset exclusive control.
- Rented Property, which represents temporary usage right rather than economic asset ownership claim.
- Expired Patent, which has lost its legal protection and economic asset exclusivity value.
- Depleted Resource, which no longer contains remaining value to provide economic asset future benefit.
- Obsolete Technology, which has lost its functional utility and economic asset productive capability.
- Goodwill before business acquisition, which lacks accounting recognition as an economic asset intangible value until purchase transaction.
- Contingent Claim, which represents potential future right rather than economic asset present control.
- Speculative Opportunity, which offers possible future benefit without economic asset current ownership.
- Market Relationship without contractual formalization, which lacks economic asset legal enforceability.
- Reputational Perception, which influences business outcome but lacks economic asset separate transferability.
- Social Capital, which enables network advantage but without economic asset direct ownership claim.
- See: Economic Value, Asset Valuation, Ownership Right, Property Law, Economic Resource, Financial Asset, Tangible Property, Intangible Asset, Balance Sheet, Accounting Recognition, Capital Formation, Wealth Creation, Investment Theory, Economic Transaction, Resource Allocation, Financial Statement, Business Valuation, Economic Utility, Property Right, Resource Management, Capital Budgeting, Asset Pricing Theory, Depreciation Method, Financial Reporting Standard, Economic Rent, Property Valuation, Digital Asset, Portfolio Theory, Wealth Effect, Productive Capital, Financial Market, Economic Development, Competitive Resource.
References
2025-05-03
- Perplexity.ai
- Question: What are economic assets? Please explain their definition, core characteristics, classifications, and functions. Include information about how these assets are valued, their various types (from tangible to intangible), and provide examples of classifications like current and non-current assets. Also, describe their management and governance.
- Answer: An Economic Asset is fundamentally a resource that provides economic value through ownership rights or control capabilities. According to the IFRS, an asset is defined as "a present economic resource controlled by the entity as a result of past events," where an economic resource is "a right that has the potential to produce economic benefits."
- Core Definition and Characteristics:
- Fundamental Characteristics:
- Control or Ownership: The entity must have control over the resource or legal ownership rights.
- Future Economic Benefits: The resource must have the potential to generate economic benefits in the future.
- Result of Past Events: The asset must arise from past transactions or events.
- Economic Value: The resource must have measurable economic value or utility.
- Fundamental Characteristics:
- Asset Classifications:
- By Convertibility: Current vs. Non-current Assets
- Current assets can be easily converted into cash or consumed within one operating cycle (usually 12 months). They include cash, accounts receivable, inventory, and marketable securities.
- Non-current assets, also called fixed or long-term assets, cannot be readily converted to cash and typically have a useful life exceeding one year. These include buildings, land, equipment, and long-term investments.
- By Physical Existence: Tangible vs. Intangible Assets
- Tangible assets have physical form and include cash, equipment, inventory, buildings, and land. These assets can be touched, seen, and physically measured.
- Intangible assets lack physical substance but provide economic value through rights or claims. They include patents, trademarks, copyrights, goodwill, and intellectual property.
- By Economic Productivity: Productive vs. Non-productive Assets
- Productive assets generate revenue or increase in value over time, providing a regular income stream or growth potential. Examples include stocks that pay dividends, rental properties, bonds that offer interest payments, and business ownership.
- Non-productive assets may maintain value but do not generate regular income. While they may appreciate over time, they don't provide periodic returns. Some cryptocurrencies and collectibles fall into this category.
- By Liquidity: Liquid vs. Illiquid Assets
- Liquid assets can be quickly converted to cash without significant loss in value. Cash itself, marketable securities, and many publicly traded stocks are considered liquid assets.
- Illiquid assets cannot be readily sold without substantial value loss or delay. Real estate, private business interests, and some specialized equipment are typically illiquid, requiring significant time to find appropriate buyers and complete transactions.
- By Risk Profile: Risk Categories
- Assets vary considerably in their risk profiles. Bank of Ireland classifies investment assets into risk categories ranging from "Very Low Risk" (focusing on capital preservation with minimal risk) to higher-risk categories that offer greater return potential but with increased volatility.
- By Economic Life: Duration-Based Classification
- The economic life of assets—the period they remain useful and valuable—provides another classification framework.
- Short-term assets (1-5 years): Commercial kitchen appliances, computers, mobile devices.
- Medium-term assets (5-20 years): Construction equipment, industrial machinery, vehicles.
- Long-term assets (20-50 years): Aircraft, commercial buildings, infrastructure.
- Perpetual assets: Assets with indefinite useful lives.
- By Convertibility: Current vs. Non-current Assets
- Functions and Importance:
- Value Generation and Preservation:
- Assets serve as stores of value, preserving purchasing power over time.
- Certain assets like real estate and commodities can hedge against inflation, while financial assets like stocks offer capital appreciation potential.
- The fundamental purpose of many assets is to produce economic benefits for their owners, whether through direct use, rental, or value appreciation.
- Facilitation of Business Operations:
- Assets form the foundation of business operations, providing the means to produce goods and services.
- Operating assets are essential for day-to-day operations, while non-operating assets support broader business objectives or strategic initiatives.
- Productive assets generate income through sales and services, contributing to business sustainability and growth.
- Financial Functions:
- Assets appear on balance sheets, contributing to an entity's financial position and net worth.
- They can serve as collateral for loans, enabling businesses and individuals to access financing for growth or other purposes.
- Additionally, assets create financial flexibility, allowing owners to adjust their holdings based on changing market conditions or strategic priorities.
- Economic Security and Risk Management:
- Assets provide economic security through diversification, with different asset classes responding differently to economic conditions.
- This diversification helps manage risk at both individual and institutional levels.
- Assets also create a financial buffer against unexpected expenses or economic downturns, enhancing resilience.
- Value Generation and Preservation:
- Accounting and Valuation:
- Recognition Criteria:
- Economic Assets must meet specific recognition criteria to appear in financial statements.
- Under IFRS, an entity recognizes an asset when:
- It's probable that future economic benefits will flow to the entity.
- The item has a cost or value that can be measured reliably.
- Valuation Methods:
- Historical cost: The original acquisition cost, sometimes adjusted for depreciation.
- Fair value: The amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.
- Present value of expected future cash flows: Particularly for financial assets.
- Recognition Criteria:
- Management and Governance:
- Maintenance and Preservation:
- Assets require ongoing maintenance to preserve their value and functionality.
- Physical assets deteriorate over time and may become obsolete due to technological changes, requiring regular upkeep and potential upgrades.
- Regulatory Considerations:
- Regulated assets are subject to oversight by government authorities or regulatory bodies to protect investors and maintain market integrity.
- Examples include securities, mutual funds, and regulated peer-to-peer lending platforms.
- Unregulated assets operate outside these frameworks and may carry additional risks due to less oversight, though they might offer higher returns.
- Risk and Portfolio Management:
- Asset management involves balancing risk against potential returns.
- This includes diversification across asset classes and monitoring performance against benchmarks and goals.
- Different assets carry varying risk profiles, requiring appropriate risk management strategies based on investment objectives and time horizons.
- Maintenance and Preservation:
- Core Definition and Characteristics:
- Citations:
[1] https://unstats.un.org/unsd/nationalaccount/aeg/papers/m4EconAssets.PPT [2] https://www.netsuite.com/portal/resource/articles/accounting/asset.shtml [3] https://www.writofinance.com/financial-assets-types-explanation/ [4] https://simplicable.com/en/economic-life-of-assets [5] https://www.ifrs.org/content/dam/ifrs/meetings/2014/may/eeg/conceptual-framework/ap2b-definitions-of-asset-and-liability.pdf [6] https://www.ifrs.org/content/dam/ifrs/meetings/2020/october/asaf/asaf-03-conceptual-framework-elements-oct-2020.pdf [7] https://personalbanking.bankofireland.com/save-and-invest/investments/support/risk-categories-explained/ [8] https://www.channelstv.com/2024/10/26/deciding-between-productive-and-non-productive-assets/ [9] https://www.indiap2p.com/blogs/regulated-vs-unregulated-investment-products-india [10] https://www.penfed.org/learn/what-is-the-difference-between-liquid-and-illiquid-assets [11] https://www.cpdbox.com/current-non-current-ias-1/ [12] https://en.wikipedia.org/wiki/Asset_(economics) [13] https://www.ifrs.org/content/dam/ifrs/meetings/2013/january/iasb/conceptual-framework/ap9a-definition-of-asset.pdf [14] https://smartasset.com/investing/illiquid-assets [15] https://www.investopedia.com/terms/a/asset.asp [16] https://corporatefinanceinstitute.com/resources/accounting/types-of-assets/ [17] https://unevoc.unesco.org/home/tvetipedia+glossary/lang=en/show=term/term=Economic+assets [18] https://www.ifrs.org/content/dam/ifrs/meetings/2016/july/iasb/conceptual-framework/ap10b-assest-definition-supporting-concepts.pdf [19] https://ec.europa.eu/eurostat/statistics-explained/index.php/Glossary:Asset [20] https://en.wikipedia.org/wiki/Asset
2014
- (Wikipedia, 2014) ⇒ http://en.wikipedia.org/wiki/asset Retrieved:2014-4-5.
- In financial accounting, an asset is an economic resource. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered 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[1] value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets.[2] Current assets include inventory, while fixed assets include such items as buildings and equipment.[3]
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 market place. Examples of intangible assets are goodwill, copyrights, trademarks, patents and computer programs,[3] and financial assets, including such items as accounts receivable, bonds and stocks.
- In financial accounting, an asset is an economic resource. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered 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[1] value of the assets owned by the firm. It is money and other valuables belonging to an individual or business. Two major asset classes are tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets.[2] Current assets include inventory, while fixed assets include such items as buildings and equipment.[3]
- ↑ J. G. Siegel, N. Dauber & J. K. Shim, "The Vest Pocket CPA", Wiley, 2005.
There are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the Historical Cost is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet.
- ↑ J. Downes, J.E. Goodman, "Dictionary of Finance & Investment Terms", Baron's Financial Guides, 2003
- ↑ 3.0 3.1 J. Downes, J.E. Goodman, "Dictionary of Finance & Investment Terms", Baron's Financial Guides, 2003; and J. G. Siegel, N. Dauber & J. K. Shim, "The Vest Pocket CPA", Wiley, 2005.