Topic: Barter Transactions Jason: I did not realize that our company enters into barter transactions. Jill: I did not either. But I assume we remove the cost of the asset given up and replace it with the same value for the bartered item received. Jason: I wonder though, since some of the barter transactions are with foreign entities, how these transactions would be recorded? Jill: Well, it would depend if the companies are uti- lizing U.S. GAAP or IFRS. Jason: Isnt the accounting the same under GAAP and IFRS? Jill: Not necessarily. Jason: We had better check as to the appropriate accounting if we ever decide to adopt IFRS. Required: Utilizing eIFRS, prepare a report to Jason and Jill as to the appropriate accounting for barter transactions IFRS with specific references to the authoritative literature.