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1、外文翻译原文AccountingforNonmonetaryExchangesMaterialSource:http://www.nysscpa.org/cpajournal/2008/208/essentials/p38.htmAuthor:JamesM.Fornaro,RitaJ.Buttermilch,andJohnBiondoBusinessesusenonmonetaryexchangesforavarietyofreasons.Theserangefromroutinetrade-insofold
2、equipmenttosophisticatedexchangesofrealestate.InDecember2004,FASBissuedSFAS153,ExchangesofNonmonetaryAssets,anAmendmentofAPBOpinionNo.29,whichpreservesthefundamentalprinciplethattheaccountingfornonmonetarytransactionsshouldbebasedonthefairvaluesoftheassetse
3、xchanged.Accordingly,anonmonetaryassetreceivedinareciprocalexchangeshouldberecordedusingthefairvalueoftheassetrelinquished,orthevalueoftheassetreceivedifitismoreclearlyevident.Since1973,APBO29,AccountingforNonmonetaryTransactions,permittedanexceptiontothisf
4、airvalueprincipleforexchangesinvolving“similarproductiveassets.”Suchexchangesweregenerallymeasuredandrecognizedbyreferencetothebookvalueoftheassetsrelinquished.SFAS153eliminatesthatexception,butintroducesanewexceptionforexchangesthatlack“commercialsubstance
5、.”(APBO29alsoaddressedothertypesofnonmonetarytransactions,including“nonreciprocal”transferswithowners—e.g.,dividendsin-kind;orotherparties—e.g.,in-kindcharitablecontributions.ThesetransactionswerenotimpactedbySFAS153.)Thisstandardwasissuedaspartoftheshort-t
6、ermconvergenceprojectwiththeInternationalAccountingStandardsBoard(IASB).Infact,FASBlargelyadoptedtherevisionspreviouslymadetoIAS16,Property,PlantandEquipment.ImplementingSFAS153requiresanunderstandingoftheterm“commercialsubstance”andhowthisconceptintroduces
7、auniqueelementofsubjectivitytotheaccountingfornonmonetarytransactions.GiventhelackofimplementationguidanceinSFAS153,specificillustrationsareprovidedbelowandcontrastedwithpriorpractice.TheauthorsbelievethatSFAS153notonlypresentsanumberofinterestingandchallen
8、gingissues,italsointroduceselementsofprofessional8judgmentthatarelikelytorecurinfuturestandards.UnderlyingConceptsandChangesinPracticeUnderAPBO29(Para.3c),an“exchange”wasdefinedasareciprocaltransferwhe
