Definition of Asset

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What is an Asset ?
Resource that an entity control as a result of any past event or activity, and from which future economic benefits are expected to the such entity is called an asset.


Depreciable Assets: (IAS-16)
Items that are expected to be used during more than one period; and Are held for use on the production or supply of goods and services, for rental to other, or for administration purpose.

Assets that retain their size and shape but they eventually wear out or become obsolete. These are not physically consumed, assets such as supplies, but however their economic useful life diminishes over time.
Such assets include Plant, Buildings, Equipment, and Furniture & Fixture, same like that. 

Is Land a Depreciable Asset ?
Land is not considered as depreciable asset because has unlimited useful life


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