According to IFRS 15, control of an asset refers to the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset. This includes the ability to prevent other entities from directing the use of, and obtaining the benefits from, an asset.

Control of an asset is a key concept for revenue recognition under IFRS 15. An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring control of a promised good or service (an asset) to a customer.

In determining when a customer obtains control of an asset, entities should consider the following indicators:

1. The entity has a present right to payment for the asset.
2. The customer has legal title to the asset.
3. The entity has transferred physical possession of the asset.
4. The customer has the significant risks and rewards of ownership of the asset.
5. The customer has accepted the asset.

If these indicators suggest that the customer has gained control over the asset, the entity can recognize revenue. The specific timing and amount of revenue recognized can depend on the terms of the contract and the nature of the goods or services provided.

Now let's take a practical example to understand the concept of "Control of an asset":

Consider a furniture store that sells a dining table to a customer. The following events occur:

1. The customer pays for the dining table in full at the store.
2. The store arranges for the table to be delivered to the customer's house.
3. The table is delivered, and the customer accepts the delivery and places the table in their dining room.

In this example, control of the dining table (the asset) transfers from the furniture store (the entity) to the customer at the point when the table is delivered and accepted by the customer. Here's why:

• The store has a present right to payment for the table (since it's already been paid in full).
• The customer has legal title to the table (since they've bought it outright).
• The store has transferred physical possession of the table (it's now in the customer's house).
• The customer has the significant risks and rewards of ownership of the table (it's their responsibility if it gets damaged, and they get the benefit of using it).
• The customer has accepted the table (they placed it in their dining room).

Therefore, at the point of delivery and acceptance, the furniture store can recognize the revenue from the sale of the dining table, as control of the asset has been transferred to the customer.