Enter substance in ASC smoothly

Aug 6th, 2022
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How to Enter 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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When there is commercial substance (which is when there is a change in cash flow resulting from the transaction), the parties should recognize a gain or loss on the exchange. If there is no commercial substance, record the acquired asset at the book value of the asset given up in the exchange.
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.
The commercial substance concept is critical to accounting for nonmonetary exchanges under ASC 845. Commercial substance exists if the economic positions of the parties to the exchange are modified and there are changes to the expected cash flows from the use of the asset.
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.
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.
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.
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.
Commercial substance exists in those business transactions where the result of such transactions is expected to bring some change in the cash flows of the business in the future and is taken into account only when there is a notable change in the risk of cash inflow, the timing of cash inflow and amount paid due to
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.
When the timing of the cash inflow changes as a result of a transaction, it is considered as having a commercial substance. An example would be if a company agrees to receive delayed payment, provided that they receive a larger payment amount.

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