Loss on Asset Disposal
Code: 5303
👁 Views: 38
Account Information
| Account Type | Income Statement |
| Normal Balance | Debit |
Definition
Losses incurred when fixed assets are sold below their book value
Sub-accounts
International Accounting Standards
IFRS
IAS 16
Property, Plant and Equipment
Loss on disposal = carrying amount minus proceeds. Recognised in profit or loss immediately.
US GAAP
ASC 360
Property, Plant and Equipment
Same loss recognition. Presented in income from continuing operations.