What is Long-Term Assets (or Noncurrent Assets)?

Long-term assets, also known as noncurrent assets, are essential components of a construction company's balance sheet. These assets are expected to provide economic benefits to the company for an extended period of time, typically more than one year. In the context of construction, long-term assets can include property, plant, and equipment such as land, buildings, machinery, and vehicles. These assets are critical for a construction company's operations and are typically used in the production or delivery of goods and services.Long-term assets in construction also include intangible assets such as patents, trademarks, and copyrights that are used in the construction industry. These assets are not physical in nature but are valuable to the company's long-term success. Additionally, long-term investments in construction projects