Define: Wasting Asset

UK Accounting Glossary

Definition: Wasting Asset

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What is the dictionary definition of Wasting Asset?

Dictionary Definition

A wasting asset is an asset that has a finite lifespan; for example, a lease loses value throughout it’s life and become worthless once the lease terminates.

This also applies to such assets as plant and/or machinery, which wear out during their lifetime and therefore lose their value over time.

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