The value of an asset as represented on the balance sheet. For tangible fixed assets this is the cost less accumulated depreciation (although freehold land is generally not subject to depreciation). Intangible assets are shown at cost less amortization. Current assets are valued at the lower of cost and net realizable value. Under the alternative accounting rules, the historical cost of certain assets (for example, buildings and stocks) may be replaced by current cost. See also net book value.