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Wiley GAAP 2021, 2nd Edition
book

Wiley GAAP 2021, 2nd Edition

by Joanne M. Flood
March 2021
Intermediate to advanced content levelIntermediate to advanced
1424 pages
51h 16m
English
Wiley
Content preview from Wiley GAAP 2021, 2nd Edition

57ASC 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 General Rule
    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. 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
    • (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:

  1. A business combination accounted for by an entity according to ...
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Publisher Resources

ISBN: 9781119736172