OTHER LONG-TERM ASSETS Definition

OTHER LONG-TERM ASSETS includes long-term assets not included into the investments, fixed, or intangible assets categories. Those other assets may be that part of prepaid expenses that will start expiring more than a year after the balance sheet date, or the cash surrender value of life insurance on company officers, etc.

Learn new Accounting Terms

ASSET REVALUATION RESERVE is an accounting concept and represents a reassessment of the value of a capital asset as at a particular date. The reserve is considered a category of the equity of the entity. An asset is originally recorded in the accounts at its cost and depreciated periodically over its estimated useful life as a measure of the amount of the assets value consumed in that period. In practice, the actual useful life of an asset can be miscalculated or an event can cause a change to the useful life. Consequently, assets occasionally need to be revalued in order to reflect a more close approximation to their "worth" in the accounts. When the asset is revalued, the offsetting entry (in a double entry accounting system) would be either made to the profit or loss accounts or to the equity of the entity.

EURO is a currency of selected European Union countries.

Suggest a Term