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exchange of assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › exchange of assets

  • This topic has 5 replies, 2 voices, and was last updated 13 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
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  • May 10, 2012 at 1:31 pm #52585
    silentassassinor
    Participant
    • Topics: 16
    • Replies: 21
    • ☆

    what is the meaning of commercial substance in context of exchange of non monetary assets.

    May 10, 2012 at 5:00 pm #97395
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    give me a reference where I can find the context, please

    May 11, 2012 at 7:39 pm #97396
    silentassassinor
    Participant
    • Topics: 16
    • Replies: 21
    • ☆

    please check consolidation question GLOVE june 2007

    May 12, 2012 at 12:09 pm #97397
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Ok, I’ve read the question and didn’t see the expression c”commercialsubstance” anywhere.

    So I read through it again ….. and it’s still not there.

    You’ll need to do better than that I’m afraid

    May 12, 2012 at 1:36 pm #97398
    silentassassinor
    Participant
    • Topics: 16
    • Replies: 21
    • ☆

    i have kaplan kit and they have mentioned it in the solution.

    ok then plz read cashflows question of dec2010. you’ll definitely find it there

    May 12, 2012 at 2:33 pm #97399
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    Ah! In the solution! You told me it was in the question.

    The fact that the exchange of assets transaction has commercial substance pushes us to treat the acquisition at fair value. I think if it were simply us exchanging an unused asset for a different unused asset, we wouldn’t then need to recognise the fair value of the asset acquired and the gain in the asset we have just given up in exchange

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