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Furniture, fixtures, and equipment (or FF&E) (sometimes Furniture, furnishings, and equipment [1] [2]) is an accounting term used in valuing, selling, or liquidating a company or a building. FF&E are movable furniture , fixtures , or other equipment that have no permanent connection to the structure of a building or utilities. [ 3 ]
A fixed asset, also known as long-lived assets or property, plant and equipment (PP&E), is a term used in accounting for assets and property that may not easily be converted into cash. [1] 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 ...
The most commonly tracked assets are: Plant and equipment; Buildings; Fixtures and fittings; Long term investment; Machinery; Vehicles and heavy equipments; Asset tracking software is often used to track both the information about an asset for financial reporting purposes as well as the physical location of an asset. The financial reporting ...
Fixtures are treated as a part of real property, particularly in the case of a security interest. A classic example of a fixture is a building, which, in the absence of language to the contrary in a contract of sale , is considered part of the land itself and not a separate piece of property.
An asset should also be impaired in accordance with IAS 36 Impairment of Assets if its recoverable amount falls below its carrying amount. [1] Recoverable amount is the higher of an asset's fair value less costs to sell and its value in use (estimate of future cash flows the entity expects to derive from the asset).
Plant is defined by more than 100 years of case law. It is in essence business 'apparatus', which can in practice include many fixtures and fittings in buildings . Plant and machinery allowances conventionally gave a 25% reducing balance basis annual 'writing down allowance' (WDA). The 25% WDA was reduced to 20% from April 2008.
For State or Local governmental accounting in the United States with reference to public capital or infrastructure a capital asset is defined as any asset used in operations with an initial useful life extending beyond one reporting period. [6] Generally, government managers have a "stewardship" duty to maintain capital assets under their control.
FF&E is intended to include moveable personal property, Fixtures are fixed to the building and not moveable. OSHA and AIA use Furnishings. More sources are required. It seems accountants generally use Fixtures, is there a definitive source for that? OptimisticBison 00:52, 26 June 2021 (UTC)