March 2022
Intermediate to advanced
1424 pages
50h 59m
English
Content preview from Wiley Practitioner's Guide to GAAP 2022
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57ASC 845 NONMONETARY TRANSACTIONS
- Perspective and Issues
- Definitions of Terms
- Concepts, Rules, and Examples
- Types of Nonmonetary Transactions
- General Rule
- Modification of the General Rule
- Commercial Substance
- Nonreciprocal Transfers
- Nonmonetary Exchanges That Include Monetary Consideration (Boot)
- Inventory Purchases and Sales with the Same Counterparty
- Exchange of Product or Property Held for Sale for Productive Assets
- Barter Transactions
- 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
The guidance in ASC 845 applies to all types of nonmonetary transactions including those involving boot. (ASC 845‐10‐15‐3)
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: ...
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