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level: Non-Monetary Exchange

Questions and Answers List

level questions: Non-Monetary Exchange

QuestionAnswer
If the exchange HAS commercial substance, what amount of G/L are recognized?All G/L recognized if they have commercial substance.
If the exchange does NOT have commercial substance, what amount of G/L are recognized?ALL LOSSES RECOGNIZED IMMEDIATELY. No Boot= No Gain, FV<25% Paid= No Gain, FV<25% Rec= Proportional Gain, FV>25%= ALL Gain
General rule regarding FV of Non-monetary exchange transactionsFV Given = FV Received
If two dissimilar assets are exchanged, what amount of G/L is recognized under IFRS?All G/L is recognized on exchange of dissimilar assets.
Involuntary Conversion CalculationPayment Received - Carrying Value