Fixed assets, also known as tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, described as liquid assets. With reference to the IAS 16, IFRIC 1 and IAS 20 which includes the amendments to November 2010, provide a broader and detailed student understanding with regards to the abovementioned description of property, plants and equipment. 29C Sunny