Accounting for Non-monetary transactions
- What is a non-monetary transaction?
- What is a non-reciprical transfer?
- What is an exchange?
- What is the basic principle to be followed in a non-monetary transaction?
- What is the cost of a non-monetary asset acquired in an exchange?
- Under what circumstances should the basic principle not be followed?
- If an exchange lacks commercial substance, the accounting for the exchange of a nonmonetary asset between an enterprise and another entity should be based on what amount?
- What does commercial substance mean in the context of FAS No. 153?
- If an amount of monetary consideration is involved in an exchange of similar productive assets, should there be any gain recognized and if so, by whom?
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