The Asset in the form of a physical substance which can not be easily converted into a cash within the Accounting Period.

It's also called Long-Term Asset.

These are items of value that the organization has bought and will use for an extended period of time;

Normally include items such as R&D, land, buildings, vehicles, furniture, office equipment, computers, machinery, tools, IT equipment, fixtures and fittings, plant and certain wasting resources e.g., timberland and minerals.

The Fixed Assеts (with exception of land) normally lose their value over time which accounts as Depreciation in Financial Accounting.

See also