Derecognition of an item of property,plant and equipment occurs when:

Question

Quizplus · Accepted Answer

Derecognition of property, plant, and equipment occurs either when the asset is sold or disposed of or when it's completely destroyed. Hence, choice C is the correct answer. Option A covers the situations where the property is sold, while option B covers the instances where the property is destroyed. Option D is incorrect since the derecognition of an asset occurs either when it's sold, disposed of, or destroyed.

Derecognition of an Item of Property,plant and Equipment Occurs When