Loss on Fixed Assets Write-off
Code: 5333
👁 Views: 98
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Debit |
Definition
Losses arising from retirement of a fixed asset (e.g., damaged machinery, abandoned building) without sale, when the carrying amount is not recoverable. Classified as non-operating loss under "Other Losses".
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 21 / IAS 16 / IFRS 9 / IAS 36
Multiple Standards
US GAAP
ASC 830 / ASC 360 / ASC 320 / ASC 326 / ASC 350
Multiple Standards
❓ Frequently Asked Questions
Q: How is a damaged fixed asset written off?
A: Dr. Accumulated Depreciation (total depreciation to write-off date), Dr. Loss on Fixed Assets Write-off (remaining carrying amount), Cr. Fixed Asset (historical cost).