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Hi Sir I am confised about how to determine the fair value of asset exchanged.
For example, in order to acquire an overseas property with a fair value of 58.5 million dinars, the entity paid the supplier with land whose carrying amount is $5 million while the open market price is $7 million. The transaction has commercial substance.
May I know why we should choose $7 million as the fair value of the property?
With commercial substance, shall we use the fair value of the asset received as the new asset?
Thank you very much:)
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