Fixed asset is a long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be consumed or converted into cash within 12 months.
Generally, the term "fixed asset" covers only tangible long-term assets such property, plant, and equipment (PP&E), but in some sources fixed asset are defined as synonym for non-current assets (i.e. including both tangible and intangible assets).
International Financial Reporting Standards (IFRS) have no definition for "fixed asset", but use such terms as "non-current assets", "property, plant, and equipment", "intangible assets" and etc.
Exact Formula in the ReadyRatios Analytic Software
Fixed asset = F1[PropertyPlantAndEquipment] + F1[InvestmentProperty] + F1[NoncurrentBiologicalAssets]
F1 – Statement of financial position (IFRS).