According to IAS 16,
The asset is required to be derocgnize when it is sold or it is expected that the asset will provide no future economic benefits towards entity. According to the IAS, all the accounts related with the asset must be removed from the financial statements. i.e its cost, accumulated depreciation, accumulated impairment, or any revaluation or provision.
The entry for removing the book value from the financial statements is as follows.
Cash (sales value)(Debit)
Property, Plant, and equipment (Credit)
Gain or loss (Balancing Figure)