Long term fixed assets mean those that will have economic value for more than a year from now. In business, long term is defined by more than a year or more than one operating cycle, whichever is longer. For example, in a business, a manufacturing process may take much longer than a year. In such a case, long term could be greater than a year. The year period is used in government because the budget is generally an annual document.
Some exceptions exist.
Sometimes items lapsing into the next sixty days after the end of year are considered current.