Often a reporting entity will sell assets in connection with its reorganization proceedings. The presentation of assets held for sale under the guidance in ASC 360, Property, Plant, and Equipment, should be considered. One required criterion for the determination of whether the assets qualify for such treatment is whether management, having the appropriate authority, has approved the sale. For a reporting entity in bankruptcy, such authority may rest with the Court. Similarly, assets classified as held for sale at the time of filing a petition for bankruptcy may need to be reconsidered as such classification may no longer be appropriate given that management may no longer have the ability to complete a sale. In instances where the Court must approve the sale, held-for-sale classification is usually not appropriate until Court approval is obtained.