Wiley GAAP 2018, 16th Edition

60ASC 845 Nonmonetary Transactions

1. Perspective and Issues
   1. Subtopics
   2. Scope and Scope Exceptions
   3. Overview
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. Types of Nonmonetary Transactions
   2. General Rule
   3. Modification of the Basic Principle
   4. Commercial Substance
      1. Recognition of gains or losses
   5. Nonreciprocal Transfers
      1. Example of accounting for a nonreciprocal transfer with a nonowner
      2. Example of an exchange involving no boot
   6. Nonmonetary Exchanges That Include Monetary Consideration (Boot)
      1. Example of an exchange involving no commercial substance and boot
   7. Exchanges of Real Estate Involving Monetary Consideration (Boot)
   8. Inventory Purchases and Sales with the Same Counterparty
      1. Determining whether transactions constitute a single exchange
      2. Measurement of the exchange
      3. Example of counterparty inventory transfers
   9. Exchange of Product or Property Held for Sale for Productive Assets
   10. Barter Transactions
   11. Exchanges of a Nonfinancial Asset for a Noncontrollng Ownership Interest
   12. Deferred Income Taxes
   13. Summary

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.¹

  (ASU 845-10-05-1)

Scope and Scope Exceptions

Several variants of noncash transactions are governed by ASC 845. ASC 845-10-15-4 lists scope ...