The Accounting Exchanges of Nonmonetary Assets Has Recently Converged Between

question 8

Multiple Choice

The accounting exchanges of nonmonetary assets has recently converged between IFRS and U.S. GAAP, per SFAS No. 153, now requires

• A) that gains on exchanges of nonmonetary assets be recognized if the exchange has commercial substance.
• B) that gains on exchanges of nonmonetary assets be recognized if the exchange does not have commercial substance.
• C) that gains on exchanges of nonmonetary assets be recognized if the exchange does not have commercial substance, and has never been impaired.
• D) All of the above.