Operating fixed assets are tangible resources/ assets that provide economic benefits to the business and are owned by the business for more than a year.
Some common examples of Operating Fixed Assets are as follows:
- Building (Office/ factory)
- Plant and machinery
- Motor vehicles
- Leasehold improvements
- Furniture and fixtures
- Office equipment
- IT equipment
Owned and leased operating fixed assets are classified separately in the financial statements.
Assets are stated in the Balance Sheet at their carrying value which is Cost less Accumulated depreciation (explained later). Visit here for more info related to financial accounting: http://accountingclarified.com/.