October 2012
Intermediate to advanced
1321 pages
54h 22m
English
book
Wiley GAAP 2013: Interpretation and Application of Generally Accepted Accounting Principles
by Joanne M. Flood
Content preview from Wiley GAAP 2013: Interpretation and Application of Generally Accepted Accounting Principles
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CHAPTER 23
NONMONETARY TRANSACTIONS
Perspective and Issues
Definitions of Terms
Concepts, Rules, and Examples
Nonmonetary Transactions
Scope
Types of nonmonetary transactions
General rule
Exceptions to the General Rule
Nonreciprocal Transfers
Nonmonetary Exchanges
Modification of the basic principle
Commercial substance
Recognition of gains or losses
Nonmonetary exchanges that include monetary consideration (boot)
Exchanges of real estate involving monetary consideration (boot)
Exchange of product or property held for sale for productive assets
Exchanges involving assets that constitute a business
Barter transactions
Involuntary Conversions
Deferred Income Taxes
Summary
Disclosure
PERSPECTIVE AND ISSUES
Accounting Standards Codification (ASC) 845, Nonmonetary Transactions, addresses those transactions in which no money changes hands. These transactions are most commonly associated with exchanges of fixed assets, but can also involve other items, such as inventory, liabilities, and ownership interests. They can also involve one-way, or nonreciprocal, transfers.
This chapter sets forth the basic structure and concepts of nonmonetary transactions, including the concept of commercial substance, rules regarding similar and dissimilar exchanges, involuntary conversions, and how to handle exchanges that include a certain amount of monetary consideration.
Major Topics and Subtopics in the Financial Accounting Standards Board (FASB) Accounting Standards Codification
| 820 | Fair Value Measurements ... |
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