Asset purchase agreements can be a useful way to create a new business while leaving unwanted resources and potential issues with the seller. Filed with the Securities and Exchange Commission.The cost of an asset acquisition may exceed or be less than the fair value of the assets acquired and liabilities assumed. An asset purchase agreement is a written legal instrument that formalizes the purchase of a business or significant business asset. Accounting Policy Summary: Capital assets, in general, should be accounted for in accordance with generally accepted accounting principles (GAAP). Buyers typically prefer structuring acquisitions as asset deals because they receive a stepup in the basis of the acquired assets. Purchaser desires to acquire the Business and assets of Seller on and subject to the terms and conditions of this Agreement. Use a Business Bill of Sale to set out the terms for the sale of a business and transfer the ownership and all assets to the buyer.