Long-term assets are items of economic value that a company holds and expects to use for more than one accounting period—usually 12 months. These assets are used in the operation of a business and have long-term benefits, such as increasing productivity or adding value to products. Common long-term assets include property, equipment, land, investments, software and intangibles, like copyrights and trademarks. They provide a company with necessary infrastructure and capabilities to produce/sell its goods/services. Therefore, it is essential for companies to properly manage their long-term assets, ensuring they will be around for years to come.