(FR) Chapter 32 Non Monetary Transactions Flashcards
(3 cards)
1
Q
How do you measure non monetary transactions between two parties?
A
You measure at the more reliable fair value of either the asset received or the asset given. If both FV’s are reliable, then both parties measure the asset received equal to the value of the asset given up.
2
Q
Under ASPE, if asset cannot be measured at fair value due to not meeting requirements under 3831.06, how would you measure a non monetary transaction?
A
The asset is recorded at the carrying value (after reduction for impairement if applicable) minus the fair value of asset received or given?
3
Q
A
