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ICI » Topics » Exchange of Non-monetary Assets - an amendment of APB Opinion No 29

This excerpt taken from the ICI 6-K filed Mar 16, 2005.
Exchange of Non-monetary Assets – an amendment of APB Opinion No 29.
SFAS No. 153 was issued in December 2004 and addresses the accounting for non-monetary exchange of productive assets, allowing exchanges that do not have commercial substance to be exempt from fair value measurement and eliminating the previous exemption from fair value measurement for non-monetary exchanges of similar productive assets. The standard applies to non-monetary asset exchanges occurring during reporting periods beginning after 15 June 2005. Adoption of this standard is not expected to have an effect on the Group’s financial statements.


 

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