Quiz: Noncurrent Asset Held for Sale

Questions: 1. Define noncurrent asset 2. When is a noncurrent asset classified as held for sale? 3. What are the conditions for classification as held for sale? 4. Explain the term highly probable 5. Explain the measurement of noncurrent assets classified as held for sale. 6. Explain the writedown of the noncurrent asset to fair value less cost of disposal any subsequent increase in fair value 7. What is the treatment of abandoned and temporarily abandoned noncurrent asset or disposal group?