Current assets is a mandatory balance sheet item for corporations and represents the total amount of assets that can reasonably be converted into cash within one business year. These assets include cash, near cash (see Money section), inventory and accounts receivable. They do not represent the totality of all assets that a corporation has. For example, intellectual property or a piece of immobile, heavy machinery may be an asset (insofar as it generates revenue for the corporation) but due to their illiquid nature, cannot be counted as a “current asset”.