非货币性交易的会计处理外文翻译.doc

外文文献翻译 原文： Accounting for Nonmonetary Exchanges Businesses use nonmonetary exchanges 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 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, 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 exception, 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 not 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 understanding 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 believe that SFAS 153 not only presents a number of interesting and challenging issues, it also introduces elements of professi