FAR 8.6

  1. -------------------------- are measured at the fair value of the assets involved, with gain or loss recognized immediately.
    Monetary exchanges are measured at the fair value of the assets involved, with gain or loss recognized immediately.
  2. Monetary exchanges are measured at the fair value of the assets involved, with gain or loss recognized-------------------------.
    Monetary exchanges are measured at the fair value of the assets involved, with gain or loss recognized immediately.
  3. -----------------------------exchange of assets is treated as a monetary exchange when the fair value of both assets is determinable.
    Nonmonetary exchange of assets is treated as a monetary exchange when the fair value of both assets is determinable.
  4. Nonmonetary exchange of assets is treated as a monetary exchange when the fair value of both assets is determinable.

    The asset received is measured at the --------------- of the asset given up, and any gain or loss is recognized --------------------.

    This gain or loss is the difference between the fair value of the asset given up and its carrying amount.

    If the fair value of the asset given up is greater (lower) than its carrying amount, a gain (loss) for the difference is recognized.
    Nonmonetary exchange of assets is treated as a monetary exchange when the fair value of both assets is determinable.

    The asset received is measured at the fair value of the asset given up, and any gain or loss is recognized immediately.

    This gain or loss is the difference between the fair value of the asset given up and its carrying amount.

    If the fair value of the asset given up is greater (lower) than its carrying amount, a gain (loss) for the difference is recognized.
  5. Nonmonetary exchange of assets is treated as a monetary exchange when the fair value of both assets is determinable.

    The asset received is measured at the fair value of the asset given up, and any gain or loss is recognized immediately.

    This gain or loss is the difference between the ------------------- of the asset given up and its ---------------------.

    If the fair value of the asset given up is greater (lower) than its carrying amount, a gain (loss) for the difference is recognized.
    Nonmonetary exchange of assets is treated as a monetary exchange when the fair value of both assets is determinable.

    The asset received is measured at the fair value of the asset given up, and any gain or loss is recognized immediately.

    This gain or loss is the difference between the fair value of the asset given up and its carrying amount.

    If the fair value of the asset given up is greater (lower) than its carrying amount, a gain (loss) for the difference is recognized.
  6. One of the parties to a nonmonetary exchange also may transfer cash (boot). The party paying boot includes this amount in the total ------------------------------- in the exchange.

    The party receiving the boot measures the asset received at the fair value of the asset given up minus the boot (i.e., the net fair value of the asset given up).
    One of the parties to a nonmonetary exchange also may transfer cash (boot). The party paying boot includes this amount in the total fair value of assets given up in the exchange.

    The party receiving the boot measures the asset received at the fair value of the asset given up minus the boot (i.e., the net fair value of the asset given up).
  7. One of the parties to a nonmonetary exchange also may transfer cash (boot). The party paying boot includes this amount in the total fair value of assets given up in the exchange.

    The party receiving the boot measures the asset received at the--------------------------------------------------------------------------------
    One of the parties to a nonmonetary exchange also may transfer cash (boot). The party paying boot includes this amount in the total fair value of assets given up in the exchange.

    The party receiving the boot measures the asset received at the fair value of the asset given up minus the boot (i.e., the net fair value of the asset given up).
  8. The exchange lacks commercial substance because it is not expected to -------------------------------------------------
    The exchange lacks commercial substance because it is not expected to change the entity’s cash flows significantly.
  9. Calculate the total potential gain on the exchange.

    Fair value of other assets received
    +---------------------------
    –--------------------------------
    =Total potential gain
    • Calculate the total potential gain on the exchange.
    • Fair value of other assets received
    • +Boot received
    • Carrying amount of assets given up
    • =Total potential gain
  10. If boot constitutes 25% or more of the fair value of the exchange, the exchange is treated as a --------------------------.
    If boot constitutes 25% or more of the fair value of the exchange, the exchange is treated as a monetary exchange.
Author
Joens1313
ID
352920
Card Set
FAR 8.6
Description
FAR 8.6
Updated