Which one of the following is not correct as per paragraph 67 of AASB 116/IAS 16 derecognition of an item of PPE?

Select one:

Account for the sale, including the recognition of a gain or loss, equal to the difference between the proceeds from sale and the cost of the asset at point of sale.

Derecognition should occur when the asset is fully consumed (i.e. no future economic benefits are expected).

The gain or loss on sale is included in the current period profit or loss. Gains and losses on the sale of PPE can be netted off, as such activities are not considered to be the main revenue producing activities of an entity

Derecognition should occur on disposal, such as the sale of an asset