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Funding a business
Business of Exchange transactions
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[QUOTE="Yakub02, post: 308799, member: 94426"] [B]Exchange transactions[/B] An asset may be acquired in exchange for another asset. The cost of such asset is measured at its fair value unless: the exchange transaction lacks commercial substance; or the fair value of neither the asset received nor the asset given up is reliably measurable. If the new asset is measured at fair value, the fair value of the asset given up is used to measure the cost of the asset received unless the fair value of the asset received is more clearly evident. If the new asset is not measured at fair value, its cost is measured at the carrying amount of the asset given in exchange for it. This would be the case when the exchange lacked commercial substance or when the fair value of either asset cannot be measured . Subsequent expenditure Expenditure relating to non-current assets, after their initial acquisition, should be capitalised if it meets the criteria for recognising an asset. In practice, this means that expenditure is capitalised if it: improves the asset (for example, by enhancing its performance or extending its useful life); or is for a replacement part (provided that the part that it replaces is treated as an item that has been disposed of). Repairs and maintenance expenditure is revenue expenditure. It is recognised as an expense as it is incurred, because no additional future economic benefits will arise from the expenditure. [/QUOTE]
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