According to the conceptual framework for financial reporting, an asset is a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity.

This definition has three key components:

1. Control: An entity must have control over the resource to be classified as an asset. Control refers to the ability to use, benefit from, and dispose of the resource, and to restrict others from using it.
2. Future economic benefits: An asset is expected to provide future economic benefits to the entity. These benefits may come in the form of cash flows, such as from the sale of the asset or from its use in the entity's operations.
3. Past events: The asset must have been acquired as a result of past events, such as purchase, production, or donation. This means that future expenditure alone cannot be considered an asset.

Examples of assets include cash, accounts receivable, inventory, property, plant and equipment, investments, and intangible assets such as patents, trademarks, and goodwill.

Overall, the definition of an asset in the conceptual framework emphasizes the importance of control, future economic benefits, and past events in determining whether a resource should be classified as an asset in the financial statements.