The Financial Accounting Standards Board (FASB) in December issued Statement no. 153, Exchanges of Nonmonetary Assets, an amendment of APB Opinion no. 29. The revised guidance is based on the principle that exchanges of nonmonetary assets should be measured according to the fair value of such assets. The statement replaces the narrow exception for nonmonetary exchanges of “similar productive assets” with a broader one for exchanges of “nonmonetary assets that do not have commercial substance.” The guidance, whose provisions will be applied prospectively, is effective for nonmonetary asset exchanges that take place in fiscal periods beginning after June 15, 2005, although application is permitted for such transactions occurring in periods beginning any time after the date of issuance.


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.