The Accounting for Long-Term Operating Assets Held for Sale or Disposal

question 38

True/False

The accounting for long-term operating assets held for sale or disposal under U.S. GAAP and IFRS is substantially identical.

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Definitions:

Privity of Estate

A legal concept in property law that refers to the relationship or connection between parties whose estates possess rights or obligations that are derivative from the same property.

Privity of Contract

A doctrine in contract law that restricts the rights or duties under a contract to the parties that agreed to it.

Property Tax

A levy on property that the owner is required to pay based on the value of the property.

Lessee

A person or entity that holds the lease of a property; essentially, a tenant who has the right to use property owned by another according to the terms of a lease agreement.