非货币性X交易的会计处理外文翻译及原文.docx

非货币性X交易的会计处理外文翻译及原文.docx

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非货币性X交易的会计处理外文翻译及原文

外文文献翻译

原文：

AccountingforNonmonetaryExchanges

Businessesusenonmonetaryexchangesforavarietyofreasons.Theserangefromroutinetrade-insofoldequipmenttosophisticatedexchangesofrealestate.InDecember2004,FASBissuedSFAS153,ExchangesofNonmonetaryAssets,anAmendmentofAPBOpinionNo.29,whichpreservesthefundamentalprinciplethattheaccountingfornonmonetarytransactionsshouldbebasedonthefairvaluesoftheassetsexchanged.Accordingly,anonmonetaryassetreceivedinareciprocalexchangeshouldberecordedusingthefairvalueoftheassetrelinquished,orthevalueoftheassetreceivedifitismoreclearlyevident.

Since1973,APBO29,AccountingforNonmonetaryTransactions,permittedanexceptiontothisfairvalueprincipleforexchangesinvolving"similarproductiveassets."Suchexchangesweregenerallymeasuredandrecognizedbyreferencetothebookvalueoftheassetsrelinquished.SFAS153eliminatesthatexception,butintroducesanewexceptionforexchangesthatlack"commercialsubstance."（APBO29alsoaddressedothertypesofnonmonetarytransactions,including"nonreciprocal"transferswithowners--e.g.,dividendsin-kind;orotherparties--e.g.,in-kindcharitablecontributions.ThesetransactionswerenotimpactedbySFAS153.）Thisstandardwasissuedaspartoftheshort-termconvergenceprojectwiththeInternationalAccountingStandardsBoard（IASB）.Infact,FASBlargelyadoptedtherevisionspreviouslymadetoIAS16,Property,PlantandEquipment.

ImplementingSFAS153requiresanunderstandingoftheterm"commercialsubstance"andhowthisconceptintroducesauniqueelementofsubjectivitytotheaccountingfornonmonetarytransactions.GiventhelackofimplementationguidanceinSFAS153,specificillustrationsareprovidedbelowandcontrastedwithpriorpractice.TheauthorsbelievethatSFAS153notonlypresentsanumberofinterestingandchallengingissues,italsointroduceselementsofprofessionaljudgmentthatarelikelytorecurinfuturestandards.

UnderlyingConceptsandChangesinPractice

UnderAPBO29（para.3c）,an"exchange"wasdefinedasareciprocaltransferwherebyanentityacceptsanassetorservice（orsatisfiesaliability）byrelinquishinganotherasset,providingaservice,orincurringanotherobligation.SFAS153（para.2a）amendsthisdefinitionofexchangebyrequiringthetransferortorelinquishtheusualrisksandrewardsoftheassetandhaveno"substantialcontinuinginvolvement"therein.APBO29alsofocusedonthe"attributes"oftheassetsexchanged（i.e.,similarordissimilar）todeterminethebasisformeasurementandrecognitionofanyassociatedgainorlossonthetransaction.Areciprocalexchangeinvolvingsimilarproductiveassetswasgenerallyrecordedusingthebookvalueofthetransferredasset[similarproductiveassetsare"ofthesamegeneraltype,thatperformthesamefunctionorthatareemployedinthesamelineofbusiness"（APBO29,par3e）.

Manyaccountantsasserted,andFASBagreed,thatassessingthe"similarity"ofassetsexchangedcouldbeoverlysubjectiveanddifficulttoapplyinpractice.ThiscontentionexisteddespitetheexhaustiveguidanceavailableinEITFIssues98-3,DeterminingWhetheraNonmonetaryTransactionInvolvesReceiptofProductiveAssetsorofaBusiness,and01-2,InterpretationsofAPBOpinionNo.29.

Formorethan30years,thefairvalueexceptionforsimilarproductiveassetswassupportedbythefollowingreasoning:

*Theearningsprocesswasnotcompletewhensuchexchangestranspired.

*Revenueshouldberecognizedfromthesaleofgoodsandservicesemanatingfromtheproductionprocess,notbythemeresubstitutionofproductiveassets.

*Theentitywasofteninsubstantiallythesameeconomicpositionaftertheexchange.

*Theuseoffairvaluescouldresultinthearbitraryrecognitionofgains.

Thisexceptionpermittedanumberofnonmonetaryexchangestoberecordedatbookvaluedespitethefactthatthetransactionsmayhavesignificantlychangedtheeconomicpositionofthereportingentity.InSFAS153,FASBconcludedthattherecognitionandmeasurementprinciplesapplicabletothesetransactionsarebetterviewedbyevaluatingchangestotheeconomicsofthereportingentity（commercialsubstance）.Thisapproachwasdeemedpreferabletothesubjectiveevaluationofthe"similarity"ofassetsandthe"timing"oftheearningsprocess.

ScopeandApplicability

SFAS153isapplicabletononmonetaryexchangesoccurringafterJune15,2005.Certaintransactionsarespecificallyexcludedfromitsscope:

*businesscombinations;

*nonmonetaryexchangesofassetsbetweenentitiesundercommoncontrol;

*nonmonetaryassets（orservices）acquiredinexchangeforthereportingentity'scommonstock;

*stockdividendsandsplits;

*atransferofassetsinexchangeforanequityinterestinthatentity;

*transfersoffinancialassets;and

*certaintransactionsbyoilandgasproducers.

SFAS153alsoamendsthescopeofSFAS140,AccountingforTransfersandServicingofFinancialAssetsandExtinguishmentsofLiabilities,toincludeexchangesofequity-methodinvestmentsforsimilarproductiveassets.

DuringitsdeliberationsoverSFAS153（para.A20）,FASBconsideredamendingthescopeofSFAS66,AccountingforSalesofRealEstate,toalsoincludeexchangesofrealestate.FASBlaterdecidedthataccountingguidanceforreciprocalexchangesofrealestatewouldremainwithinthescopeofAPBO29.

ANewFocusonCommercialSubstance

SFAS153requiresthatnonmonetaryexchangesberecordedusingthebookvalueoftheassetrelinquished（afterareductionforimpairment,ifapplicable）ifoneofthefollowingthreeconditionsapplies:

*Thefairvalueoftheassetrelinquishedorreceivedcannotbedetermined（withinreasonablelimits）.

*Thereisanexchangeofinventoryforinventorythatwillbesoldinthesamelineofbusinesstofacilitatesalestocustomers.

*Thetransactionlackscommercialsubstance.

ThefirsttwoconditionsareessentiallyunchangedfromAPBO29.Thethirdconditionreplacesthepriorexceptionforsimilarproductiveassets.

"Commercialsubstance"isanewconceptinU.S.GAAPandpresentsunique,subjectivechallengesforpractitioners.Unfortunately,FASBdidnotspecificallydefinethisterm.Theconceptfocusesonthebusinesspurposeorrationaleoftheexchange,andrequiresanexaminationofchangesintheentity'seconomicpositionasaresultofthetransaction.Essentially,commercialsubstanceexists"iftheentity'sfuturecashflowsareexpectedtosignificantlychangeasaresultoftheexchange"（para.2d）.FASBbelievesthatcashflowtestsprovide"objectiveevidence"ofthebusinesspurposeofthetransaction,eventhoughtheexistenceofcommercialsubstanceandtheunderlyingassumptionsaredeterminedbyitsmanagement.

Commercialsubstanceisdeemedtoexistifeitherofthefollowingconditionsispresent（para2d）:

*The"configuration"ofthefuturecashflowsrelatedtotheassetreceivedisexpectedtobesignificantlydifferentfromthatoftheassettransferred.Configurationrelatestotherisk,timing,andamountofcashflows.

*The"entity-specificvalue"oftheassetreceiveddiffersfromtheentity-specificvalueoftheassettransferred,andthisdifferenceissignificantwhencomparedtothefairvaluesoftheassetsexchanged.

Thoughthedeterminationofcommercialsubstancesuggeststheneedfordetailedcalculations,FASBindicatesthata"qualitativeassessment"maybeallthatisrequired.

Theterm"entity-specificvalue"isrelativelynewtoFASBstandards,thoughitwasintroducedaspartoftheconceptualframeworkinStatementofFinancialAccountingConcepts7,UsingCashFlowInformationandPresentValueinAccountingMeasurements.Essentially,itrepresentsthepresentvalueoftheentity'sexpectedfuturecashflowsfromtheuseanddispositionoftheasset.Entity-specificvaluediffersfromfairvalue,becauseitreflectstheentity'sexpectationsastotheamounts,timing,anduncertaintyofcashflowsversusthoseassumedbyothersinthemarketplace.

Thefactorsthatmanagementshouldconsiderwhendetermininganasset'sentity-specificvaluehavebeenbroadlyinterpreted.Theseincludethemannerinwhichtheassetisintegratedwiththeentity'soperationsaswellasthesynergiesexpectedasaresultoftheexchange.TheminutesofFASB'sApril22,2003,meetingindicatethatchangesinentity-specificvaluecanbeassessed"withandwithouttheinboundasset."

Illustrations:

SFAS153VersusPriorPractice

ManyrespondentstotheexposuredraftofSFAS153requestedthatFASBprovideillustrationsorimplementationguidance,particularlywithrespecttothenewcommercialsubstanceprovisions.Itdeclined,however,toprovidesuchguidance（para.A12）"becauseitbelievesthattheadditionalguidancerelatedtocommercialsubstancesufficientlyclarifiesthemeaningofthatterm."FASBwasalsoconcernedthatsuchexamples"mightbeviewedasbrightlines"byaccountants.

Theauthors'informaldiscussionswithpractitionersandaccountingeducatorssuggesttheneedforaddedclarityconcerningthenewconceptsandthesubjectivityintroducedinSFAS153.Accordingly,Exhibits1（Trade-inofEquipment）,2（ExchangeofEquipment）,and3（ExchangeofRealProperty）highlightkeyprovisionsinSFAS153andcontrastthemwithpriorpractice.

RememberthatgainsandlossesonexchangesofsimilarproductiveassetsarestilldeferredfortaxpurposesunderIRCsection1031（a）.Accordingly,temporarydifferencesanddeferredtaxconsequenceswillariseifcommercialsubstanceexists.

Whataboutboot?

Ingeneral,SFAS153retainsthemeasurementandrecognitionconceptsinAPBO29incaseswhere