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Furniture and fixtures, equipment and leasehold improvements are stated at cost. Depreciation of furniture and fixtures and equipment is computed using the straight-line method over estimated useful lives that range from two to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the term of the related leases.
The concept of depreciation is based on the notion that business assets eventually wear out, get used up, or become obsolete. With one notable exception (Section 179), depreciation is required for most big ticket business assets that have a useful life of more than one year and wear out over time, such as buildings, vehicles, equipment, office furniture, computers, and tools used by the business.