Long-term assets, also known as fixed or non-current assets, are assets that can’t be converted into cash quickly (it takes more than three months). These assets are essential as they represent the company’s potential for future income and its overall value. Examples include property, plant, and equipment (like buildings, machinery, and vehicles), goodwill (value associated with brand reputation and customer loyalty), and intangible assets such as patents, copyrights, and trademarks.
