Joined: 12 Jan 2009 Location: United States
Online Status: Offline Posts: 179
Posted: 23 Mar 2009 at 09:25 | IP Logged
hey divya & shasso2000 wonderful explaination....after reading yr posts above on non monetary asset transaction....this concept got more clearer to me... Really thanx...:)
Joined: 30 Jan 2009 Location: India
Online Status: Offline Posts: 1456
Posted: 23 Mar 2009 at 09:50 | IP Logged
shasso2000 wrote:
u assume that it has commercial substance unless one of these 3 criteria is met
I call it Triple F
1-Fmvs unknown
2-Facilitate sales
3-Future cash flows unchanged
or if the Q specifies that it lacks commercial substance
Hey shasso2000, i like the "triple-F" concept. It is certainly helpful. I have added it to my notes :-) You have got a good hold on the topic. Keep going ! Good Luck !
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Topic: Exchanges of Non-Monetary Assets
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