Accounting and Tax Treatment based on Non-monetary Asset Exchanges
DOI: https://doi.org/10.62517/jel.202414219
Author(s)
Yu Zheng*, Boyang Cai
Affiliation(s)
School of Accounting and Finance, Xiamen University Tan Kah Kee College, Zhangzhou, Fujian, China
*Corresponding Author.
Abstract
The paper discusses the accounting and tax treatment of non-monetary asset exchanges under the new standard. The standard has been modified and refined to meet the needs of the market economy and international accounting standards in the new era. The new standard provides clarification and detailed analysis of the recognition and measurement, accounting, tax treatment, and tax and accounting differences for non-monetary asset exchanges. These exchanges are significant as they allow enterprises to fulfil their needs by exchanging assets in a non-monetary manner. The new standard for accounting and tax treatment has a positive impact on standardizing transaction processes and accurately recording and tracking the economic effects of asset exchange. The standard provides clear provisions on value-added tax (VAT) and enterprise income tax (EIT), and discusses the tax differences between non-monetary asset exchanges with commercial and non-commercial substance. The formulation and implementation of the new standard will promote the standardization, internationalization, and uniformity of China's accounting and tax treatment.
Keywords
Non-monetary Asset Exchanges; Accounting; Tax Treatment; Fair Value
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