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Fixed assets, also known as long-lived assets or property, plant and equipment , are a term used in accounting for assets and property that cannot easily be converted into cash. Fixed assets are different from current assets, such as cash or bank accounts, because the latter are liquid assets. In most cases, only tangible assets are referred to as fixed.
While IAS 16 does not define the term "Fixed Asset", it is often colloquially considered a synonym for property, plant and equipment. According to IAS 16.6, property, plant and equipment are tangible items that:
are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and
are expected to be used during more than one period."