In accounting, a few assets are not depreciated. Instead, they are considered to hold their original carrying amount during their entire holding period. The types of assets that are not depreciated include the following:

Current assets. Current assets, such as accounts receivable and inventory, are not depreciated. Instead, they are assumed to be converted to cash within a short period of time, typically within one year.
Financial assets. Most financial assets, such as stocks and bonds, are carried at their current fair value. They are not depreciated.
Investments in subsidiaries. A parent company’s investment in a subsidiary is not depreciated, though it should be tested for impairment from time to time - which may result in a write-down in the carrying amount of the investment.
Land. Land is not depreciated, since it has an unlimited useful life. If land has a limited useful life, as is the case with a quarry, then it is acceptable to depreciate it over its useful life. If the cost of land includes any costs incurred for site dismantlement and/or restoration, then depreciate these costs over the period over which any resulting benefits are obtained. If an entity acquires a parcel of land which includes a building, then separate the two assets and depreciate the building.
Works of art. Works of art that are part of a collection are generally not depreciated. In many cases, these items actually increase in value over time, so depreciating them would be counterproductive.

In addition, low-cost purchases with a minimal useful life are charged to expense at once, rather than being depreciated. Given their low cost, it is not cost-effective to maintain them in the accounting records as assets.