The carrying amount of the asset converted and the costs incurred as a DIRECT result of the condemnation (appraisal fees, attorney fees, cleanup costs when property is condemned through destruction). Nothing to do with acquisition of replacement property though! That goes on the replacement property.

The CPA Financial Accounting and Reporting (FAR) section covers US GAAP, IFRS, and governmental accounting, focusing on financial statement preparation, balance sheet accounts, and complex transactions.

Key concepts include revenue recognition (ASC 606), leases (ASC 842), business combinations, bonds, inventory, and governmental accounting, with a 50/50 mix of MCQs and simulations.