user
Joined: 22 May 2007
Posts: 20
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 Posted: Fri Aug 24, 2007 4:57 pm Post subject: GAAP Basis Trades |
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Under FAS 153 (effective June 2005), exchanges of nonmonetary assets are to be accounted for at fair values. In other words, for book purposes assets acquired through trades that were previously recorded as NBV of traded asset plus boot, must now be recorded at the fair value of the acquired asset (certain exceptions apply). For book purposes, a gain or loss must now be recognized on disposal of the traded asset.
In AK v. 22, I cannot figure out how to recognize the gain for book purposes while still deferring the gain for tax purposes.
Am I missing something, or is this an issue that will be addressed in future versions of AK? |
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