For a non-current asset to be classified as held-for-sale the asset must be: In saleable condition Converted to cash through use Highly possible to be sold Planned to be sold within two years

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13-01-2021
Business

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For a non-current asset to be classified as held-for-sale the asset must be: In saleable condition Converted to cash through use Highly possible to be sold Planned to be sold within two years

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Answer:

The answer is it must be highly possible to be sold.

Explanation:

For a non current asset to be classified as held-for-sale, the following must be satisfied:

1. The asset must be available for immediate sale in its present state(condition) and location.

2. The asset's sale is expected to be completed within a year(12 months) as 'held for sale'

3. The sale of the asset must be highly probable(through management's commitment to the sale of the asset and the existence of active marketing for the asset)