On the issue of exchange (trade-in) of old asset for a new one, pre-FASB153's rule was...
On the issue of exchange (trade-in) of old asset for a new one, pre-FASB153's rule was based on exchange of similar and dissimilar assets, where gains on similar trade-ins are deferred (if cash was paid), much like how they are treated for taxes. FASB153 (implemented as a part of the harmonization effort with international standards) changed that. What is the key criteria used to evaluate these transactions in order to determine whether a gain (losses are always recognized in these transactions) should be recorded?
Homework Answers
While there is no special "key criteria" for losses, there is for gains. Any exchange of similar assets must have a "Commercial" purpose. If the exchange of similar assets has no commercial purpose (not part of a profit-seeking activity), the gains must be deferred!
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On the issue of exchange (trade-in) of old asset for a
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3. What challenges may BA face in implementing an internal
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