Fastest non-Bullet moving object in sports? (self.SmarterEveryDay) submitted 9 months ago by martial___law
Fixed assets are retained in the business for long periods, and generally each year a proportion of their original cost will be written off against PROFITS for DEPRECIATION to reflect the diminishing value of the asset. In a BALANCE SHEET fixed assets are usually shown at cost less depreciation charged to date. Certain fixed assets such as property tend to appreciate in value (see APPRECIATION, definition 1) and need to be revalued periodically to keep their BALANCE SHEET values in line with market values.
Procedures for Capitalizing Fixed Assets. Land. Land is generally considered to have an unlimited life and is therefore a non-depreciable asset. Land acquired by the institution should be recorded at its original cost which includes a variety of expenditures related to its acquisition and its preparation for use as intended by the institution.