#TrumpVsPowell Are you wondering what a tangible asset is? Is there a list of tangible assets? What is the difference between tangible and intangible assets? How do you account for a tangible asset? Legalstart answers your questions.

Mini-summary

What is a tangible asset?

What is the difference between tangible and intangible assets?

What depreciation applies to tangible assets in accounting?

How to account for a tangible asset?

FAQ

What is a tangible asset?

Tangible asset: definition

According to the general accounting plan (PCG), “a tangible asset is a physical asset held, either for use in the production or supply of goods or services, or to be leased to third parties, or for internal management purposes, and which the entity expects to be used beyond the current fiscal year.”

Let’s take a closer look at this definition of tangible assets.