U.S. GAAP, per SFAS No. 153, now requires that gains on exchanges of nonmonetary assets be recognized if the exchange lacks commercial substance.
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Q146: IFRS permits companies to carry assets at
Q147: In general, IFRS adheres to very different
Q148: Questions 7 through 10 are based on
Q149: Unlike U.S. GAAP, interest costs incurred during
Q150: The accounting exchanges of nonmonetary assets has
Q151: In measuring an impairment loss, IFRS uses
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Q152: Asset revaluations are permitted under IFRS and
Q153: IFRS permits the same depreciation methods as
Q154: U.S. GAAP, like IFRS, permits write-up for
Q155: Questions 7 through 10 are based on
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