In the instructions for “Foreclosed and Repossessed Assets”, you refer to but do not define “long-lived assets”. What is a “long-lived asset?

April 26, 2017ASSET define instructions long-lived refer

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In the instructions for “Foreclosed and Repossessed Assets”, you refer to but do not define “long-lived assets”. What is a “long-lived asset?

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• GAAP does not define “long-lived assets”. Presumably they are depreciable assets (automobiles, equipment and real estate) with a useful life in excess of one year. An asset whose future benefit is expected for a number of years is also called long-term asset.