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Gain on Disposal of Non Current Asset

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Gain on Disposal of Non Current Asset

  • This topic has 1 reply, 2 voices, and was last updated 14 years ago by MikeLittle.
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  • November 26, 2010 at 8:20 am #46266
    blacksoul
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Why Gain on Disposal on current asset is adjusted with cost of sales in income statement ?

    November 26, 2010 at 9:49 pm #71720
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23335
    • ☆☆☆☆☆

    “Current asset” or non-current asset? I think you mean non-current. the reason is because such a gain represents an over-charge of depreciation in prior years, and if depreciation has been charged to cost of sales, then it makes sense to make the adjustment – ie gain on disposal ( or over-depreciation from prior years ) in the cost of sales

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