Answer:

Long term assets are those which are  for multiple operating cycles (buildings ,machines, , etc).  The treatment  of  accounting  is differ under both IFRS and also under US GAAP.

In the business ,assets are acquired, it should be recorded at cost. All costs incurred to acquire such asset and cost that are incurred to getting it ready to use must be considered as part of the cost of long term asset

Capitalization of self developed (as opposing to  purchased) like, intangible assets are more  restrictive. Main reason behind this is that, the valuation process of these assets is highly uncertain.

In the case of recognizing the asset is allowed – all money  spent to get such asset up and to running it should capitalized as part as the cost of the asset. In the case of building, the organization  is not just acquiring assets but also cost like payment of registration fees ,Layer fees etc,should be included in the cost of buiding.In case of Land and improvements to the land the expanses of driveways, sidewalks, etc.shoould be included