A Fixed Asset Policy Gaap is a set of standards and procedures put in place to ensure that businesses manage their fixed assets properly. Fixed assets are defined as tangible assets that have a long-term value or life expectancy and are necessary for the successful operation of the business. These assets include things such as buildings, office equipment, vehicles, machinery, and other physical property. The purpose of having a Fixed Asset Policy Gaap is to ensure that these assets are accurately recorded, monitored, and accounted for on an ongoing basis. This includes tracking items from acquisition through retirement, monitoring depreciation schedules, and ensuring accurate calculation of fixed asset values. By adhering to Fixed Asset Policy Gaap, businesses can remain compliant with accounting standards and maximize the return on their investments.