What is the total useful life?

The total useful life refers to the period for which an asset, particularly in accounting and depreciation of property, plant and equipment, is expected to be used before it is considered depreciated or no longer economically viable. This useful life is taken into account when depreciating assets in order to spread the costs over the estimated useful life and to more accurately reflect the financial presentation of an asset over time. The total useful life may vary depending on the type of asset and industry-specific standards.