1、2068 单词， 11600 英文字符， 4000 汉字 出处： Source:Fornaro James M., Buttermilch Rita J.,Biondo John. Accounting for Nonmonetary ExchangesJ.CPA Journal, Feb2008, Vol. 78 Issue 2:38-41. 外文文献翻译 Fornaro James M., Buttermilch Rita J.,Biondo John 原文： Accounting for Nonmonetary Exchanges Businesses use nonmonetary e
2、xchanges for a variety of reasons. These range from routine trade-ins of old equipment to sophisticated exchanges of real estate. 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
3、 for nonmonetary transactions should be based 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 it is more clearly evident. Since 1973
4、, APBO 29, Accounting for Nonmonetary Transactions, permitted an exception to this fair value principle for exchanges involving similar productive assets. Such exchanges were generally measured and recognized by reference to the book value of the assets relinquished. SFAS 153 eliminates that excepti
5、on, but introduces a new exception for exchanges that lack commercial substance. (APBO 29 also addressed 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 no
6、t impacted by SFAS 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, Plant and Equipment. Implementing SFAS 153 requires an understand
7、ing of the term commercial substance and how this concept introduces a unique element of subjectivity to the accounting for nonmonetary transactions. Given the lack of implementation guidance in SFAS 153, specific illustrations are provided below and contrasted with prior practice. The authors belie
8、ve that SFAS 153 not only presents a number of interesting and challenging issues, it also introduces elements of professional judgment that are likely to recur in future standards. Underlying Concepts and Changes in Practice Under APBO 29 (para. 3c), an exchange was defined as a reciprocal transfer
9、 whereby an entity accepts an asset or service (or satisfies a liability) by relinquishing another asset, providing a service, or incurring another obligation. SFAS 153 (para. 2a) amends this definition of exchange by requiring the transferor to relinquish the usual risks and rewards of the asset an
10、d have no substantial continuing involvement therein. APBO 29 also focused on the attributes of the assets exchanged (i.e., similar or dissimilar) to determine the basis for measurement and recognition of any associated gain or loss on the transaction. A reciprocal exchange involving similar product
11、ive assets was generally recorded using the book value of the transferred asset similar productive assets are of the same general type, that perform the same function or that are employed in the same line of business (APBO 29, par 3e). Many accountants asserted, and FASB agreed, that assessing the s
12、imilarity of assets exchanged could be overly subjective and difficult to apply in practice. This contention existed despite the exhaustive guidance available in EITF Issues 98-3, Determining Whether a Nonmonetary Transaction Involves Receipt of Productive Assets or of a Business, and 01-2, Interpre
13、tations of APB Opinion No. 29. For more than 30 years, the fair value exception for similar productive assets was supported by the following reasoning: * The earnings process was not complete when such exchanges transpired. * Revenue should be recognized from the sale of goods and services emanating
14、 from the production process, not by the mere substitution of productive assets. * The entity was often in substantially the same economic position after the exchange. * The use of fair values could result in the arbitrary recognition of gains. This exception permitted a number of nonmonetary exchan
15、ges to be recorded at book value despite the fact that the transactions may have significantly changed the economic position of the reporting entity. In SFAS 153, FASB concluded that the recognition and measurement principles applicable to these transactions are better viewed by evaluating changes t
16、o the economics of the reporting entity (commercial substance). This approach was deemed preferable to the subjective evaluation of the similarity of assets and the timing of the earnings process. Scope and Applicability SFAS 153 is applicable to nonmonetary exchanges occurring after June 15, 2005.
17、Certain transactions are specifically excluded from its scope: * business combinations； * nonmonetary exchanges of assets between entities under common control； * nonmonetary assets (or services) acquired in exchange for the reporting entitys common stock； * stock dividends and splits； * a transfer
18、of assets in exchange for an 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 and Extinguishments of Liabilities, to include exc
19、hanges of equity-method investments for similar productive assets. During its deliberations over SFAS 153 (para. A20), FASB considered amending the scope of SFAS 66, Accounting for Sales of Real Estate, to also include exchanges of real estate. FASB later decided that accounting guidance for recipro
20、cal exchanges of real estate would remain within the scope of APBO 29. A New Focus on Commercial 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 condition
21、s applies: * The 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 customers. * The transaction lacks commercial substance. The firs
22、t two conditions are essentially unchanged from APBO 29. The third condition replaces the prior exception for similar productive assets. Commercial substance is a new concept in U.S. GAAP and presents unique, subjective challenges for practitioners. Unfortunately, FASB did not specifically define th
23、is term. The concept focuses on the business purpose or rationale of the exchange, and requires an examination of changes in the entitys economic position as a result of the transaction. Essentially, commercial substance exists if the entitys future cash flows are expected to significantly change as a result of the exchange (para. 2d). FASB believes that cash flow tests provide objective evidence of the
