
asset disposal
Asset disposal refers to the process of selling, discarding, or otherwise getting rid of a company's asset, such as equipment, machinery, or property, that is no longer needed or has reached the end of its useful life. This process involves recording the disposal in financial records, calculating any gain or loss from the sale, and ensuring compliance with accounting standards. Proper asset disposal helps a business manage its resources efficiently, update its asset base, and reflect accurate financial positions.