A long-live asset is an asset that is expected to provide economic benefits over a future period of time, typically greater than one year. It is also referred to non-current or long-term asset. In general terms, it is “long-lived” because it is expected to contribute to earnings beyond current current year or operating period.
Long-lived assets can be tangible assets such as furniture, equipment, building, vehicles, or computer equipment. Long-lived assets can also be intangible assets such as licenses, copyrights, and patents.
Long-lived assets are capitalized and appear on balance sheet. They are amortized or depreciated over its useful life time.