Non Current Assets

Code: 1200
👁 Views: 116

Account Information

Financial Statement Statement of Financial Position
Normal Balance Debit

Definition

Assets used in operations for long term

Sub-accounts

1210

Fixed Assets

1220

Depreciation Accumulations

1230

Intangible Assets

1250

Investments

1260

Investment Property

📐 IFRS vs US GAAP Accounting Treatment

IFRS IAS 1 Presentation of Financial Statements
US GAAP ASC 210 Balance Sheet

❓ Frequently Asked Questions

Q: What is the difference between current and non-current assets?

A: Current assets convert to cash within one year (e.g., cash, receivables, inventory). Non-current assets serve the company for more than one year (e.g., land, buildings, machinery).

Q: Are all non-current assets depreciated?

A: No, only land is not depreciated because it has an indefinite life. Buildings, machinery, vehicles, and furniture are depreciated.

Q: How are non-current assets presented on the balance sheet?

A: They appear under "Non-current assets" after deducting accumulated depreciation and allowances.