(節(jié)選）會(huì)計(jì)專業(yè)外文翻譯---非貨幣性交易的會(huì)計(jì)處理

1、2068 單詞， 單詞，11600 英文字符， 英文字符，4000 漢字 漢字出處： 出處：Source:Fornaro James M., Buttermilch Rita J.,Biondo John. Accounting for Nonmonetary Exchanges[J].CPA Journal, Feb2008, Vol. 78 Issue 2:38-41.外文文獻(xiàn)翻譯 外文文獻(xiàn)翻譯Fornaro James M., B

2、uttermilch Rita J.,Biondo John原文：Accounting for Nonmonetary ExchangesBusinesses use nonmonetary exchanges for a variety of reasons. These range from routine trade-ins of old equipment to sophisticated exchanges of real e

3、state. In December 2004, FASB issued SFAS 153, Exchanges of Nonmonetary Assets, an Amendment of APB Opinion No. 29, which preserves the fundamental principle that the accounting for nonmonetary transactions should be bas

4、ed on the fair values of the assets exchanged. Accordingly, a nonmonetary asset received in a reciprocal exchange should be recorded using the fair value of the asset relinquished, or the value of the asset received if i

5、t is more clearly evident.Since 1973, APBO 29, Accounting for Nonmonetary Transactions, permitted an exception to this fair value principle for exchanges involving “similar productive assets.“ Such exchanges were general

6、ly measured and recognized by reference to the book value of the assets relinquished. SFAS 153 eliminates that exception, but introduces a new exception for exchanges that lack “commercial substance.“ (APBO 29 also addre

7、ssed other types of nonmonetary transactions, including “nonreciprocal“ transfers with owners--e.g., dividends in-kind; or other parties--e.g., in-kind charitable contributions. These transactions were not impacted by SF

8、AS 153.) This standard was issued as part of the short-term convergence project with the International Accounting Standards Board (IASB). In fact, FASB largely adopted the revisions previously made to IAS 16, Property, P

9、lant and Equipment.Implementing SFAS 153 requires an understanding of the term “commercial substance“ and how this concept introduces a unique element of subjectivity to the accounting for nonmonetary transactions. Given

10、 the lack of implementation guidance in SFAS 153, specific illustrations are provided below and contrasted with prior practice. The authors believe that SFAS 153 not only presents a number of interesting and challenging

11、issues, it also introduces elements of professional judgment that are likely to recur in future standards.2005. Certain transactions are specifically excluded from its scope:* business combinations;* nonmonetary exchange

12、s of assets between entities under common control;* nonmonetary assets (or services) acquired in exchange for the reporting entity's common stock;* stock dividends and splits;* a transfer of assets in exchange for an

13、 equity interest in that entity;* transfers of financial assets; and* certain transactions by oil and gas producers.SFAS 153 also amends the scope of SFAS 140, Accounting for Transfers and Servicing of Financial Assets a

14、nd Extinguishments of Liabilities, to include exchanges of equity-method investments for similar productive assets.During its deliberations over SFAS 153 (para. A20), FASB considered amending the scope of SFAS 66, Accoun

15、ting for Sales of Real Estate, to also include exchanges of real estate. FASB later decided that accounting guidance for reciprocal exchanges of real estate would remain within the scope of APBO 29.A New Focus on Commerc

16、ial Substance SFAS 153 requires that nonmonetary exchanges be recorded using the book value of the asset relinquished (after a reduction for impairment, if applicable) if one of the following three conditions applies:* T

17、he fair value of the asset relinquished or received cannot be determined (within reasonable limits).* There is an exchange of inventory for inventory that will be sold in the same line of business to facilitate sales to

18、customers.* The transaction lacks commercial substance.The first two conditions are essentially unchanged from APBO 29. The third condition replaces the prior exception for similar productive assets.“Commercial substance

19、“ is a new concept in U.S. GAAP and presents unique, subjective challenges for practitioners. Unfortunately, FASB did not specifically define this term. The concept focuses on the business purpose or rationale of the exc

20、hange, and requires an examination of changes in the entity's economic position as a result of the transaction. Essentially, commercial substance exists “if the entity's future cash flows are expected to signific