What Does Fixed Asset Mean? A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be consumed or converted into cash any sooner than at least one year's time. Fixed assets are sometimes collectively referred to as "plant".
Investopedia explains Fixed Asset Buildings, real estate, equipment and furniture are good examples of fixed assets. Generally, intangible long-term assets such as trademarks and patents are not categorized as fixed assets but are more specifically referred to as "fixed intangible assets". Related Terms Accumulated Fund Amortization Asset Asset Ledger Balance Sheet Depreciation Fixed-Asset Turnover Ratio Intangible Asset Revaluation Reserve Tangible Asset More Related Terms Related Links
fixed asset
Definition
A long-term, tangible asset held for business use and not expected to be converted to cash in the current or upcomingfiscal year, such as manufacturing equipment, real estate, and furniture. also called plant.
The consolidated statements of a company dealing in foreign currency should reflect the financial status and relationships as measured in the foreign currency financial statements before the translation work is undertaken. There are two main stages by which a company can adopt the procedures for accounting the foreign operations of its business. In the first stage the financial statements of the individual company has to be prepared and in the second stage the consolidated financial statements of the companies/firms have to be prepared. In order to have a true and fair depiction of the financial statements, exchange gains and losses on long term items should be reported as part of the profit and loss statement for the period.