This is controversial topic recording gain/loss based on FMV or using NBV with no recognizing gain/loss.
Whether it’s an exchange of similar or different assets, there is a high possibility of Commercial Substance. An exchange has commercial substance if the future cash flows change as a result of the transaction. That is, if the two parties’ economic positions change, the transaction has commercial substance.
I just came into my old post about accounting for lease. The information in the old post is not valid any more! Thus, I wanted to update it. Here, I’m just giving a quick and briefed summary from lessee prospective (IFRS not GAAP). I might update this later in more details.
I talked to that kid; he confirmed that Santa hadn’t visited Syria since he wrote his letter! A letter to Santa. Wish all happy holidays and blessed & safe new year…
If you are an avid traveler, you have to visit New York City at least once in your lifetime. New York City is the mecca of the modern world. Of course, visiting the tourist spots in Manhattan is always a must but visiting Queens, New York, one of the most vibrant neighborhoods in the world, … Read more
Hi, there. I’m Adanna or AmethystAP, which I usually go by online. I’m so thrilled to be guest-writing today for Mohamad Al-Karbi. It’s a pleasure to share a bit about my corner of the world in Mohamad’s Around The World Series.
I live in the beautiful dual islands of Trinidad and Tobago. Yes, two islands but one nation. These dual-islands are a tiny dot on the map, but they can be found in the southern Caribbean, northeast of Venezuela and south of Grenda. Trinidad, where I reside, is the bigger and more populated island. Tobago is less developed but a popular tourist site with reefs and beautiful beaches.
A friend of mine asked me about my recommendations for their quick visit to Italy. Following were my notes based on my experience for: Italy Trip Planning.
