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Fixed assets and short-term inventory

Definition of fixed assets

'An asset intended for permanent use or possession. "Current asset" means any other asset.'

A fixed asset is an asset in the company that is intended to be used for a longer period of time. In other words, it is the opposite of current assets that must be replaced due to sale or consumption.

General requirements for fixed assets

  • Access is controlled by the authority.
  • It is expected to provide the Authority with financial benefits or service potential in the future, which must be documented (the asset, alone or in combination, shall contribute indirectly or directly to generating revenues or cost savings for the Authority).
  • Fixed assets are assets that are to be used for an extended period of time.
  • The time varies from 3 years and up.
  • The limit for a general fixed asset is SEK 30,000. 
  • Fixed assets are divided into three categories – intangible, tangible and financial.
  • The value of non-current assets is the cost of acquisition over a certain period of time that refers to the useful life.

Short-term inventory

Acquisitions that do not meet the criteria for fixed assets in terms of time and value limit are considered to be consumable equipment. Consumable equipment is divided into equipment that is prone to theft and inventory that is not prone to theft.