What is the service life of fixed assets?

Article 60 of the Regulations for the Implementation of the Enterprise Income Tax Law of People's Republic of China (PRC) stipulates that, unless otherwise stipulated by the competent departments of finance and taxation of the State Council, the minimum period for calculating depreciation of fixed assets is as follows:

(a) houses and buildings, for 20 years;

(2) Aircraft, trains, ships, machines, machinery and other production equipment, 10 year;

(3) utensils, tools, furniture, etc. Related to production and business activities, 5 years.

For specific fixed assets in special industries, the abandonment cost should also be considered when determining their initial entry cost. Abandonment cost usually refers to the expenditure determined by the enterprise's obligation of environmental protection and ecological restoration according to national laws, administrative regulations and international conventions, such as the obligation of abandonment and environmental restoration of nuclear facilities of nuclear power plants.

Fixed assets management and accounting is an important part of enterprise financial management and accounting. In enterprises, physical management and value accounting are separated. At present, the equipment department and the finance department are responsible for it respectively. Therefore, the accounting and management of enterprise fixed assets is a concrete and complicated work.