item representing a resource of the entity or something expected to have future economic benefit. It is a positive sign of financial position even though it is not shown in the balance sheet. A going concern is assumed here, since in liquidation unrecorded assets would generally not be realizable. Unrecorded assets include a tax loss carryforward benefit, a purchase contract for an item at a price significantly less than the going rate, anticipated rebates, and a contingent asset (as when the entity may receive a payment if a certain event occurs).