Fixed assets are long-lived property, plant and equipment that cannot be easily converted to cash. Assets can be freehold (owned) or leasehold (temporary ownership). Modern accounting prefers term "non-current assets" for non-liquid assets
Fixed assets are long-term tangible assets used for business income generation. Acquisition costs include purchase price plus all necessary preparation expenses. Assets should be tagged and tracked using management systems. Regular inventory verification helps identify missing or ghost assets
PP&E refers to tangible, long-term assets that are not easily converted to cash. Includes buildings, land, machinery, vehicles, and office equipment. Excludes intangible assets like goodwill and trademarks
PP&E are tangible assets used for more than one year. Includes land, buildings, plant, machinery, fixtures and vehicles. Initially recorded at cost including delivery and installation expenses