Define 'non-current assets'.

Non-current assets refer to resources that a business expects to retain for an extended period, typically more than one year. These assets are essential for the operations of a company and include items such as land, buildings, machinery, vehicles, and long-term investments. Unlike current assets, which can be quickly converted to cash within a year, non-current assets are not intended for immediate sale or use. Instead, they contribute to the long-term health and functioning of the organization, often providing the infrastructure necessary for revenue generation over multiple financial periods.

The characterization of non-current assets also emphasizes their nature, as they typically require significant investment and usually depreciate in value over time. This depreciation reflects the usage and reduction in economic value of the asset as it is used in the business. In addition, the distinct categorization of assets into current and non-current helps stakeholders assess a company's liquidity and long-term financial stability.