Fixed Assets - A fixed asset is an asset held with the intention of being used for the purpose of producing or providing goods and services and is not held for sale in the normal course of business.

The term fixed assets shall consist the following:

1. Goodwill,

2. Land,

3. Buildings,

4. Leasehold,

5. Railway Sidings,

6. Plant and Machinery,

7. Furniture and Fittings,

8. Development of Property,

9. Patents, Trade Marks and Designs,

10. Livestock, and

11. Vehicles, etc.

Under each of the categories mentioned above, the original cost, additions during the accounting period and deductions therefrom during the period should be shown. Also, the total depreciation written-off or provided up to the end of accounting period should also be stated.

Where the fixed assets have been written up on revaluation or have been reduced in value either due to a reduction of capital or revaluation, each balance sheet for the first five years subsequent to the revaluation or reduction should show the amount of increase effected or the reduction made as the case may be. Also every balance sheet subsequent to the writing up or reduction must show the increased or decreased value of the asset as the original cost.

Fixed assets are to be presented as Gross Block and Net Block. Gross Block represents the original cost of the assets and additions and adjustments arising due to the purchase, sale or transfer of assets. Net Block is the net value of the assets after providing for depreciation. In other words, it represents Gross Block minus depreciation.

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