Is land a current asset?

Land is a fixed asset, which means that its expected usage period is expected to exceed one year. Since assets are only included in the current assets classification if there is an expectation that they will be liquidated within one year, land should not be classified as a current asset. Instead, land is classified as a long-term asset, and so is categorized within the fixed assets classification on the balance sheet.

If anything, land is considered to be the longest-lived asset, since it cannot be depreciated, and so has an essentially eternal useful life. The only exception is when natural resources are being extracted from land, in which case the expected depletion period for the resource extraction could be considered the life of the land asset.

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