Turnaround Finance - What is it?

In business and accounting the most basic definition of an asset is "A possession that can be turned into cash to cover liabilities" but can really refer to anything of value. The International Accounting Standards Board (IASB) definition is as follows:

"An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise." [quotation from IFRS Framework: F.49(a)]

Finance is the process of raising funds or capital for any kind of expenditure. Therefore asset finance can be described as the financing for which assets are converted into working cash in exchange for a security interest in those assets.