Accounting


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.

SPONSORED REPORT

The technology assessment engagement

Are you working with the best technology? Do you know how to help your clients determine if their technology stack measures up? In this free report, J. Carlton Collins, CPA, explains how to answer those questions via a technology assessment engagement.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.