tag:blogger.com,1999:blog-5940179721679645107.post3948241473853190283..comments2024-01-19T14:35:20.870+07:00Comments on Finance Accounting Auditing Blog: Asset Exchange TransactionsUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5940179721679645107.post-64285717975689186792012-07-13T15:50:38.303+07:002012-07-13T15:50:38.303+07:00So if a company that uses IFRS traded there old co...So if a company that uses IFRS traded there old copying machine for a new one.<br />the entry wouldn't put gain based on IAS 16?<br />"The cost of the new asset is the carrying amount of the asset given up" even if it is fully depreciated? i.e<br /><br />they had a fully depreciated copying machine BV 1$ they record the new machine at 1$?<br /><br />entry ( no cash / boot )<br />Dr new machine 1<br />Dr A/D of old machine 599<br />Cr old machine 600<br /><br /><br />if they paid cash / boot with the transaction:<br />Dr new machine 1001<br />Dr A/D of old machine 599<br />Cr old machine 600<br />Cr cash 1000<br /><br /><br />is that correct?<br />or I'm missing somethingAnonymousnoreply@blogger.com