Above Water
The condition of an asset's actual value when it is greater than the asset's book value.
Investopedia Says:
Generally, the book value of an asset listed in a company's balance sheet cannot be adjusted according to GAAP. Should the asset appreciate, its market value would be 'above water'. For example, if a company purchased a piece of land for $100K and the company later discovered an oil reserve on the property, the market value of the land would increase, but the book value would remain at $100K.
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