Fixed asset
An asset intended for long-term use in the business, for example machinery and premises.
A fixed asset is an asset that the company intends to use or hold for a longer period, normally more than one year. Typical examples are buildings, machinery, equipment, vehicles and computers, but also intangible assets such as patents and goodwill, and financial assets such as shares in subsidiaries.
The opposite is current assets, which are intended to be sold or used up within one year, for example stock and trade receivables.
Fixed assets are depreciated over their useful life. This means the acquisition cost is spread as an expense over several years instead of being charged to the profit all at once. Equipment of low value or with a short lifespan may instead be expensed immediately.
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