The classification of assets as required by law on a balance sheet. Assets must be classified as fixed (i.e. held for use on a continuing basis) or current (i.e. not intended for continuing use but held on a short-term basis). Fixed assets are further classified as intangible (e.g. goodwill) or tangible (e.g. land and buildings). Fixed assets must be depreciated (see depreciation) over their useful economic life to comply with the Companies Act and Financial Reporting Standard 15. Current assets include stock, debtors, prepayments, cash at bank, and cash in hand. Fixed assets may be shown at historical cost less accumulated depreciation, or under the alternative accounting rules. Current assets must be shown at the lower of historical cost (or current cost under the alternative accounting rules) and net realizable value. International Financial Reporting Standard 5 introduced a new classification of non-current assets held for sale.