The acronym represents Furniture, Fixtures, and Equipment. This classification encompasses movable items that are not permanently affixed to a building or structure. These items are essential for operating a business or inhabiting a space and are typically depreciated over their useful life.
The category is crucial in accounting, real estate, and interior design. Proper identification and management of these assets impact financial reporting, project budgeting, and operational efficiency. Historically, tracking and valuing these items has been a complex task, but advancements in technology have streamlined the process.