Plant assets are a group of assets used in an industrial process, such as a foundry, factory, or workshop. These assets are a subset of the fixed assets classification, which includes such other asset types as vehicles, office equipment, and intangible assets. Plant assets fulfill the usual criteria for a fixed asset, which means that their initial cost exceeds the capitalization limit of the entity, and they are expected to be used for at least one year. The plant assets classification is rarely used, having been superseded by such other asset classifications as Buildings and Equipment.
Plant assets are depreciated over their useful lives. The only exception is land, which cannot be depreciated.