October 2014
Intermediate to advanced
1512 pages
57h 40m
English
book
Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
by Joanne M. Flood
Content preview from Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
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Chapter 54ASC 845 NONMONETARY TRANSACTIONS
Types of Nonmonetary Transactions
Modification of the Basic Principle
Nonmonetary Exchanges That Include Monetary Consideration (Boot)
Exchanges of Real Estate Involving Monetary Consideration (Boot)
Inventory Purchases and Sales with the Same Counterparty
Exchange of Product or Property Held for Sale for Productive Assets
Exchanges Involving Assets That Constitute a Business
PERSPECTIVE AND ISSUES
Subtopics
ASC 845, Nonmonetary Transactions, has only one subtopic:
- ASC 845-10, Overall, which includes five Subsections:
- General
- Purchases and sales of inventory with the same counterparty
- Barter transactions
- Exchanges involving monetary consideration
- Exchanges of a nonfinancial asset for a noncontrolling ownership interest.
Scope and Scope Exceptions
Several variants of noncash transactions are governed by ASC 845. ASC 845-10-15-4 lists scope exceptions. The following types of transactions are not treated as nonmonetary transactions:
- A business combination accounted for by an entity according to the provisions of ASC 805 or a combination accounted for by a not-for-profit entity according to the provisions of ASC 958-805 ...
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