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AICPA每日一練之FAR【2016-3-18】

互聯(lián)網(wǎng)2016-03-18 09:15Lynn.yu
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Which of the following statements correctly describes the proper accounting for nonmonetary exchanges that are deemed to have commercial substance?

a. It recognizes gains and losses immediately.

b. It defers gains and recognizes losses immediately.

c. It defers losses to the extent of any gains.

d. It defers any gains and losses.

Answer:A

Choice "a" is correct. For nonmonetary exchanges that contain commercial substance, meaning that the amount and timing of future cash flows changes as a result of this exchange, gains and losses are recognized immediately.

Choice "d" is incorrect. Losses are never deferred, no matter whether the exchange contains commercial substance or not. A portion of a gain can only be deferred for nonmonetary exchanges that do NOT contain commercial substance, meaning the amount and timing of future cash flows did not change as a result of this exchange, and only if boot (cash) is RECEIVED as a minor component (less than 25%) of this transaction.

Choice "c" is incorrect. Losses are never deferred, no matter whether the exchange contains commercial substance or not.

Choice "b" is incorrect. Losses are recognized immediately, but a portion of a gain can only be deferred for nonmonetary exchanges that do NOT contain commercial substance, meaning the amount and timing of future cash flows did not change as a result of this exchange, and only if boot (cash) is RECEIVED as a minor component (less than 25%) of this transaction.

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