Turn to the annual report of a listed company which you have used for activities in previous chapters. Find every item of information about non-current (fixed) assets. (Start with the financial statements and notes but look also at the operating and financial review, chief executive’s review and other non-regulated information about the company.)

As a group, imagine you are the team of fund managers in a fund management company. You are holding a briefing meeting at which each person explains to the others some feature of the companies in which your fund invests. Today’s subject is non-current (fixed) assets. Each person should make a short presentation to the rest of the team covering:

1 the nature and significance of non-current (fixed) assets in the company;

2 the asset lives stated in the accounting policies for depreciation purposes;

3 the asset lives estimated by you from calculations of annual depreciation as a percentage of asset cost;

4 the remaining useful life of assets as indicated by comparing accumulated depreciation with asset cost;

5 the company’s plans for future investment in non-current (fixed) assets.