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Accounting for Exchange of Assets Under FASB
During December 2004, the FASB issued Statement No. 153 on Exchanges of Non-ary Assets: An Amendment of APB Opinion No. Financial Accounting Standards Board (FASB) in December issued Statement No. 153, Exchanges of Non-ary Assets, an amendment of APB Opinion No. 29. The revised guidance is based on the principle that exchanges of non-ary assets should be measured according to the fair value of such assets. The statement replaces the narrow exception for non-ary exchanges of "similar productive assets" with a broader one for exchanges of "non-ary assets that do not mercial substance." The guidance, whose provisions will be applied prospectively,is effective for fiscal periods beginning after June 15, 2005,although application is permitted for such transactions occurring in periods beginning any time after the date of issuance. This article summarizes the key provisions of the new statement and provides examples of the required accounting.
Compute the total gain or loss on the transaction, which is equal to the difference between the fair market value of the asset given up and book value (cost minus accumulated depreciation) of the asset given up. Sometimes the fair market value of the asset received is more clearly evident and should be used to determine the fair market value of the asset given up. After June 15, 2005 the entire gain or loss is to be recognized . Prior to June 15, 2005 losses were recognized in full but all of, none of or only a portion of the gain could have been recognized.
Requirements for recognizing gains was as follows:
1. If the earnings process is plete (an exchange of dissimilar assets), the entire gain is recognized, or
2. If the earnings process is not plete (an exchange of similar assets) and:
a. No cash is involved, no gain is recognized, or
b. Some cash is given up, no gain is recognized, or
c. Some cash is received use the formula to determine the ga