As a Pointing Sign:
1. Used to mean something is owned or possessed by someone else other than the person the signer is talking to, or by something else. You put it before or after a noun sign to say what is possessed. English = its, his (male), her (female), their (gender unimportant).
2. Used alone to mean something is owned or possessed by someone else other than the person the signer is talking to, or by something else. Used alone without saying what is possessed if it is clear from context or because someone has mentioned it before. English = its, his (male), hers (female), theirs (gender unimportant).