Enablers of capital asset accounting and management Standardisation and consistency | The considered asset framework, policies and processes is applied across all asset groups. Fixed assets—also known as tangible assets or property, plant, and equipment (PP&E)—is an accounting term for assets and property that cannot be easily converted into cash.The word fixed indicates that these assets will not be used up, consumed, or sold in the current accounting year. There are many more types of assets that aren’t mentioned here, but this is the basic list. An asset is a resource owned or controlled by an individual, corporation Corporation A corporation is a legal entity created by individuals, stockholders, or shareholders, with the purpose of operating for profit. These intellectual assets can be quite substantial, however. The equation is made up of the company’s assets, liabilities and owner’s equity.The way that these factors relate with each other will provide an important figure that is included in many businesses’ balance sheets and income statements. Assets are economic resources controlled by a business which can potentially benefit its operations or are convertible to cash (cash itself is also an asset). What are Assets in Accounting? What are the Main Types of Assets? Examples of Assets. We will discuss more assets in depth later in the accounting course. Monetary assets in accounting refer to assets that have a specific amount attached to them that will not be affected by changes in market rates or other economic factors. The Asset Accounting component is intended for international use in many countries, irrespective of the nature of the industry. Definition: An asset is a resource that has some economic value to a company and can be used in a current or future period to generate revenues. Asset valuation is the process of determining the fair market value of an asset. This means, for example, that no country-specific valuation rules are … procedures, capital assets data governance and technology in use all contribute to robust accounting and management of capital assets. These resources take many forms from cash to buildings and are recorded on the balance sheet until they are used. The most important equation in all of accounting. Example of Most Common Assets in Accounting #1 – Current Assets (Short Term in Nature) Cash: It includes the bank balance and cash available in the business. Let’s take the equation we used above to calculate a company’s equity: Assets – Liabilities = Equity And turn it into the following: Assets = Liabilities + Equity Accountants call this the accounting equation (also the “accounting formula,” or the “balance sheet equation”).. Yet there still can be confusion surrounding the accounting for fixed assets. 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