2007-09-09 09:56:06 · 2 answers · asked by !!!!!!!!!!!!!!! 1 in Business & Finance ➔ Other - Business & Finance
If you're talking of exchanges of nonmonetary assets, this is a very controversial subject, with arguments on all sides. Ordinarily, accounting for the exchange of nonmonetary assets should be based on the fair value of the asset given up or the fair value of the asset received, whichever is clearly more evident. Thus, any gains or losses on the exchange should be recognised immediately. The rationale for this approach is that the transaction has commercial substance and therefore should be recognised.
Please read the FASB standard "Exchanges of Productive Assets: An Amendment of APB Opinion No. 29"
2007-09-10 03:58:25 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋
From what I am aware of it is the going value of the service (s).
2007-09-13 09:57:24 · answer #2 · answered by scentsationallifestyle 1 · 0⤊ 0⤋