Assets: Determining Useful Life

Property, plant, and equipment assets are normally considered long-term assets because they will be used as
resources for the organization over multiple financial reporting periods. They are also usually the costliest
assets that an organization acquires.
One of the biggest challenges we face when dealing with long-term assets is determining just how long we will
use them in the organization.
What options do we have for determining useful life and how would you go about determining just what the
useful life should be for each long term asset in your organization?