March 2019
Intermediate to advanced
1440 pages
51h 20m
English
Content preview from Wiley GAAP 2019
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58ASC 845 NONMONETARY TRANSACTIONS
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 interest1
(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 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.
- A transfer of nonmonetary assets solely between entities or persons under common control, such as between a parent and its subsidiaries or between two subsidiaries of the same parent, or between a corporate joint venture and its owners.
- Acquisition of nonmonetary assets or services on issuance of the capital stock of an entity under ASC 718-10 and ASC 505-50.
- Stock issued or received in stock dividends and stock splits.
- A transfer of assets to an entity in exchange for equity interest in that entity (except for certain exchanges of a nonfinancial asset for a noncontrolling ownership interest).2
- A pooling of assets in a joint undertaking intended to find, develop, or produce ...
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