Course Description:

In this video I discuss the following concepts: 1. What is commercial substance? There are two tests for commercial substance in IFRS (Canadian). I discuss both tests and also provide examples. 2. How to account for a non-monetary exchange if it has commercial substance under IFRS (Canadian). 3. What fair value is defined as under IFRS (Canadian). 4. Why IFRS (Canadian) requires you to use the fair value of the asset given up….unless the fair value of the asset received is more determinable. 5. The steps required to record a non-monetary transaction with commercial substance. There is a lot in this video. Consider using the above focusing statements when you watch the video and make notes. Course Length: 12:09 minutes Source: Else Grech Accounting

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