An **asset** is a resource with [[Economic value|economic value]] that an individual, [[Corporation|corporation]], or [[Country|country]] owns or controls with the expectation that it will provide future benefit. Assets are a fundamental concept in [[Accounting|accounting]] and [[Finance|finance]], where they form one of the three major components of the [[Balance sheet|balance sheet]], alongside [[Liability (financial accounting)|liabilities]] and [[Equity (finance)|equity]]. Assets are commonly classified as either [[Current asset|current]] or [[Non-current asset|non-current]] (long-term). Current assets include [[Cash and cash equivalents|cash]], [[Accounts receivable|accounts receivable]], and [[Inventory|inventory]]—resources expected to be converted to cash or consumed within one year. Non-current assets include [[Property, plant, and equipment|property, plant, and equipment]], [[Intellectual property|intellectual property]], and [[Goodwill (accounting)|goodwill]], which provide value over a longer period. Assets may also be classified as [[Tangible property|tangible]] or [[Intangible asset|intangible]], depending on whether they have a physical form. In broader usage, the term extends to various specialized contexts. In [[Information technology|information technology]] and [[IT service management|IT service management]], an asset refers to any [[IT asset management|IT component]]—such as hardware, software, or infrastructure—that contributes to the delivery of services. In [[IT asset management]] frameworks, including those defined by the [[Common Service Data Model]], assets are tracked throughout their [[Asset lifecycle|lifecycle]] for purposes of [[Configuration management|configuration management]], [[Financial management for IT services|financial management]], and [[Regulatory compliance|compliance]]. In [[Law|legal]] contexts, assets encompass any property or rights that may be subject to ownership, [[Valuation (finance)|valuation]], or [[Liquidation|liquidation]].