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1、外文文献翻译原文：Accounting for Nonmonetary ExchangesBusinesses use nonmonetary exchanges for a variety of reasons. These range from routine trade-ins of old equipment to sophisticated exchanges of real estate. In December 2004, FASB issued SFAS 153, Exchanges of Nonmonetary Assets, an Amendment of APB Opin
2、ion No. 29, which preserves the fundamental principle that the accounting for nonmonetary transactions should be based on the fair values of the assets exchanged. Accordingly, a nonmonetary asset received in a reciprocal exchange should be recorded using the fair value of the asset relinquished, or
3、the value of the asset received if it is more clearly evident.Since 1973, APBO 29, Accounting for Nonmonetary Transactions, permitted an exception to this fair value principle for exchanges involving similar productive assets. Such exchanges were generally measured and recognized by reference to the
4、 book value of the assets relinquished. SFAS 153 eliminates that exception, but introduces a new exception for exchanges that lack commercial substance. (APBO 29 also addressed other types of nonmonetary transactions, including nonreciprocal transfers with owners-e.g., dividends in-kind; or other pa
5、rties-e.g., in-kind charitable contributions. These transactions were not impacted by SFAS 153.) This standard was issued as part of the short-term convergence project with the International Accounting Standards Board (IASB). In fact, FASB largely adopted the revisions previously made to IAS 16, Pro
6、perty, Plant and Equipment.Implementing SFAS 153 requires an understanding of the term commercial substance and how this concept introduces a unique element of subjectivity to the accounting for nonmonetary transactions. Given the lack of implementation guidance in SFAS 153, specific illustrations a
7、re provided below and contrasted with prior practice. The authors believe that SFAS 153 not only presents a number of interesting and challenging issues, it also introduces elements of professional judgment that are likely to recur in future standards.Underlying Concepts and Changes in Practice Unde
8、r APBO 29 (para. 3c), an exchange was defined as a reciprocal transfer whereby an entity accepts an asset or service (or satisfies a liability) by relinquishing another asset, providing a service, or incurring another obligation. SFAS 153 (para. 2a) amends this definition of exchange by requiring th
9、e transferor to relinquish the usual risks and rewards of the asset and have no substantial continuing involvement therein. APBO 29 also focused on the attributes of the assets exchanged (i.e., similar or dissimilar) to determine the basis for measurement and recognition of any associated gain or lo
10、ss on the transaction. A reciprocal exchange involving similar productive assets was generally recorded using the book value of the transferred asset similar productive assets are of the same general type, that perform the same function or that are employed in the same line of business (APBO 29, par
11、 3e).Many accountants asserted, and FASB agreed, that assessing the similarity of assets exchanged could be overly subjective and difficult to apply in practice. This contention existed despite the exhaustive guidance available in EITF Issues 98-3, Determining Whether a Nonmonetary Transaction Invol
12、ves Receipt of Productive Assets or of a Business, and 01-2, Interpretations of APB Opinion No. 29.For more than 30 years, the fair value exception for similar productive assets was supported by the following reasoning:* The earnings process was not complete when such exchanges transpired.* Revenue
13、should be recognized from the sale of goods and services emanating from the production process, not by the mere substitution of productive assets.* The entity was often in substantially the same economic position after the exchange.* The use of fair values could result in the arbitrary recognition o
14、f gains.This exception permitted a number of nonmonetary exchanges to be recorded at book value despite the fact that the transactions may have significantly changed the economic position of the reporting entity. In SFAS 153, FASB concluded that the recognition and measurement principles applicable
15、to these transactions are better viewed by evaluating changes to the economics of the reporting entity (commercial substance). This approach was deemed preferable to the subjective evaluation of the similarity of assets and the timing of the earnings process.Scope and Applicability SFAS 153 is appli
16、cable to nonmonetary exchanges occurring after June 15, 2005. Certain transactions are specifically excluded from its scope:* business combinations;* nonmonetary exchanges of assets between entities under common control;* nonmonetary assets (or services) acquired in exchange for the reporting entitys common stock;* stock dividends and splits;* a transfer of assets in exchange for an equity interest in that entity;* transfers o
