Include substance in ASC

How to Include substance in ASC files anytime from anyplace

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Upload your ASC from your device, an email attachment, cloud storage, or through a link.
Create new content by clicking on our Text tool above, and alter its color, size, and fonts as required.
Click on our Strikeout or Whiteout tools to remove details that just don’t make sense anymore.
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Highlight essential details in your paperwork.
Click on the Comment option to note your most significant modifications.
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How to Include 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 are examples of commercial substance in accounting?

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.

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.

What does it mean to have 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.

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 accounting?

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.

What is commercial substance vs no commercial substance?

Non-Commercial Substance. If monetary gains exist due to exchange transactions, the transaction is said to have a commercial substance. If there is no change in monetary gains, the transaction does not have a commercial substance.

What does commercial substance mean IFRS 15?

A contract has commercial substance only when the entitys future cash flows will change because of the contract. [i]There is a change in cash flow when there is a docHub change in any of the following factors: Risk increase in the risk that cash inflows will not occur because of the transaction.

What is commercial substance ASC?

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.

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