For an asset to be considered held for sale, which of the following conditions must be met?

For an asset to be classified as held for sale, it is essential that it must be available for immediate sale in its present condition. This means that the asset is ready for sale and can be sold without significant additional costs or modifications. It reflects the intent of the company to sell the asset rather than to continue holding or using it.

In practice, this condition ensures that the asset is indeed available and that the sale is expected to occur as soon as possible, rather than being contingent on further actions or preparations. This aligns with the accounting standards which dictate the criteria for classifying assets as held for sale, ensuring proper presentation and disclosure in financial statements.

Meeting this condition is fundamental for ensuring that the asset is accurately represented on the balance sheet, particularly as it signals a shift in management’s intent regarding the use of the asset. This classification aims to provide clear information to users of the financial statements about the company's current operations and future strategies.