The amount at which an asset or liability is recorded on the balance sheet after adjusting for depreciation, amortization, or impairment. It represents the net amount that the entity 'carries' the item at for accounting purposes at a specific point in time.
From the accounting practice of 'carrying' assets and liabilities forward on the books from period to period. The term emerged in the mid-20th century as accounting became more sophisticated in tracking asset values over time. It emphasizes the ongoing nature of accounting valuation.
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