Gain on Asset Disposal

Code: 4203
👁 Views: 42

Account Information

Account Type Income Statement
Normal Balance Credit

Definition

Gains realized when fixed assets are sold above their book value

Sub-accounts

4231

Gain on Fixed Assets Sale

4232

Gain on Investments Sale

International Accounting Standards

IFRS IAS 16 Property, Plant and Equipment

Gain on disposal = proceeds minus carrying amount. Presented in other income in profit or loss.

US GAAP ASC 360 Property, Plant and Equipment

Same gain calculation. Presented in income from continuing operations unless discontinued operation.