Which question arises at the time property, plant, and equipment is derecognized?

Question

Quizplus · Accepted Answer

When property, plant, and equipment is derecognized, the question that arises is when should the asset be removed from the balance sheet. The answer to this question depends on the reason for derecognition. For example, if the asset is sold, it should be removed from the balance sheet on the date of the sale. If the asset is retired or abandoned, it should be removed from the balance sheet on the date of retirement or abandonment.

Which Question Arises at the Time Property, Plant, and Equipment