Gains on Exchanges of Assets When the Exchange Has Commercial

question 201

True/False

Gains on exchanges of assets when the exchange has commercial substance are recognized under both IFRS and U.S. GAAP.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise when the other party has reasonably relied on that promise to their detriment.

Consideration

Something of value promised to another when making a contract, which is required for the contract to be legally binding.

Contract Law

The body of law that regulates the making, enforcement, and interpretation of agreements between parties.

Consideration

Something of value, such as money, goods, or a promise, exchanged between parties in a contract.