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FAR My Flashcards > Accounting for non-monetary > Flashcards

Accounting for non-monetary Flashcards

1
Q

Commercial Substance

A

Whenever they say cash flows will significantly change it means they have commercial substance.

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2
Q

Changes lacking commercial substance

A

No change in cash flows

Fair value cannot be determined

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3
Q

Gains

A

No boot is received= No Gain
Boot is paid=No gain
Boot is received

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4
Q

Losses

A

Always Recognize

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FAR My Flashcards (38 decks)

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