Fixed Asset

(redirected from Long-Lived Assets)
Also found in: Dictionary, Financial.
Related to Long-Lived Assets: Fixed asset, tangible assets

Fixed Asset

Property, such as machinery or buildings, utilized in a business that will not be used or liquidated during the current fiscal period.

References in periodicals archive ?
34 billion yen in write-downs on long-lived assets as well as 10.
Although I adhered to AICPA and FASB standards while in practice, in my current mode as an investor in publicly traded securities, I find that the current annual reports reflecting a high percentage of intangible and long-lived assets cause serious concern as to the true value of the entity.
The project's primary goals were to develop one accounting model, based on the framework established in Statement 121, for disposing long-lived assets by sale and to address significant implementation issues.
The provision for SFAS 121 impairments, terminated operations, and other asset impairments primarily represents the write-down of goodwill and other long-lived assets of acquired operations which are not deemed recoverable.
Another benefit should be an increase in consistency and comparability due to the uniformity that SFAS 121 brings to the calculation of the impairment of long-lived assets.
Considering the traditional manner in which long-lived assets such as property, plant, and equipment are carried on the books at cost less accumulated depreciation, FASB's new requirement, FAS-121, requires businesses to investigate, identify, and restate assets that potentially may be impaired.
The accounting literature has always suggested that under certain circumstances it is appropriate to recognize a loss on "overvalued" long-lived assets and reduce their carrying amounts to some lower amount.
Beginning in 2003, some calendar year-end companies will apply the provisions of SFAS 143, Accounting for Asset Retirement Obligations, which requires the recognition of a liability for certain obligations associated with the retirement of long-lived assets.
An SPE is created for a specific purpose or transaction and does not have the elements of a normal operating company, such as employees and long-lived assets.
COMPANIES MUST PRESENT LONG-LIVED ASSETS HELD for sale separately in the financial statements and not offset them against liabilities.
The accounting model for long-lived assets to be disposed of by sale applies to all long-lived assets, including discontinued operations, and replaces the provisions of APB Opinion No.
Some companies will have long-lived assets on their books at old, depreciated values, while those growing through acquisition will have current asset costs on their books.