Change substance in ASC

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Upload your file to our editor. Choose how you prefer - dragging and dropping it into our uploading area, browsing from your device, the cloud, or through a secure link to a third-party resource.
Start editing your ASC file. Use our toolbar above to type and edit text, or insert images, lines, symbols, and comments.
Make more adjustments to your work. Transform your ASC document into a fillable form with fields for text, dropdowns, initials, dates, and signatures.
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How to Change substance in ASC

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in this video Im going to talk about how to account for an exchange of non-monetary assets when the transaction lacks commercial substance or when you cant determine the fair value of the non-monetary assets so if you remember from previous videos our general rule of thumb was that were gonna record the asset received a fair market value and then book again or a loss but if we dont know what the fair market value is then obviously we cant use the fair market value to do this and so were gonna do an alternative method where were actually going to bring the new asset in at the book value of the old asset adjusting for any cash so also we do the same method if theres no commercial substance to the transaction and commercial substances is kind of a tricky issue the main idea is that by doing this transaction there should be some change in the underlying cash flows for the firm so if the firm decides to trade one truck for a truck from another company its its assumed that okay if

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What does commercial substance mean ASC 606?

The standard defines commercial substance in ASC 606-10-25-1(d) as when the risk, timing, or amount of the entitys future cash flows is expected to change as a result of the contract. This attribute helps to avoid recognizing revenue for transactions that have no economic impact or business purpose.

What is commercial substance in a transaction involving exchange of assets?

A transaction has commercial substance when it results in a change in either the configuration (risk, timing and amount) of the cash flows directly associated with the exchanged items or the entity-specific value of the exchanged items.

What is an exchange with commercial substance example?

An exchange has commercial substance if, as a result of the exchange, future cash flows are expected to change docHubly. For instance, if a company exchanges a building for land (a dissimilar exchange), the timing and the future cash flows are likely to be different than if the exchange had not occurred.

How do I change my accounting method ASC 606?

Generally, if taxpayers find that the new ASC 606 revenue recognition methodology is permissible for tax purposes, and they wish to use that method for tax purposes, they will need to request an accounting method change by filing Form 3115, Application for Change in Accounting Method.

What does it mean if a transaction has commercial substance?

A contract has commercial substance if the risk, timing, or amount of the reporting entitys future cash flows will change as a result of the contract. If there is no change, it is unlikely the contract has commercial substance. A change in future cash flows does not only apply to cash consideration.

Can consideration be modified in a contract?

Under common law, a party to a contract needs new consideration -- something of legal value -- to modify a contract. The party obtains new consideration by negotiating with the other party to change the consideration on both sides of the contract.

What are the requirements for contract modification?

You can modify a contract at any time as long as all parties involved in the agreement consent to the changes. Minor modifications may be handwritten on the original document and then signed by all parties. Major changes, however, need to involve a contract renegotiation, reprinting, and resigning.

What is commercial substance ASC 606?

The standard defines commercial substance in ASC 606-10-25-1(d) as when the risk, timing, or amount of the entitys future cash flows is expected to change as a result of the contract. This attribute helps to avoid recognizing revenue for transactions that have no economic impact or business purpose.

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