A long-lived asset that is classified as held for sale is measured at the lower of the carrying value or fair value less the cost to sell, and should be presented, separately, in the financial statements if material.

Question

Quizplus · Accepted Answer

This statement is true. According to accounting standards, a long-lived asset classified as held for sale should be measured at the lower of carrying value or fair value less cost to sell and presented separately if material.

A Long-Lived Asset That Is Classified as Held for Sale