Exchange of assets without commercial substance

Hi,

I would like to know how to account for the loss on exchange of assets without commercial substance. I found one textbook which mentioned that the loss should be recognised immediately, however, another textbook mentioned that the loss should not be recognised. Which one is correct?

I also check IAS 16, however, I cannot find the relevant information. The standard only mentions [IAS16.24] the following:

“One or more items of property, plant and equipment may be acquired in exchange for a
non-monetary asset or assets, or a combination of monetary and non-monetary assets. The following discussion refers simply to an exchange of one non-monetary asset for another, but it also applies to all exchanges described in the preceding sentence. The cost of such an item of property, plant and equipment is measured at fair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. The acquired item is measured in this way even if an entity cannot immediately derecognise the asset given up. If the acquired item is not measured at fair value, its cost is measured at the carrying amount of the asset given up.”