- US GAAP
ASC 845-10 notes the following:
Most business transactions involve exchanges of cash or other monetary assets or liabilities for goods or services. The amount of monetary assets or liabilities exchanged generally provides an objective basis for measuring the cost of nonmonetary assets or services received by an entity as well as for measuring gain or loss on nonmonetary assets transferred from an entity. Some transactions, however, involve either of the following:
- An exchange with another entity (reciprocal transfer) that involves principally nonmonetary assets or liabilities
- A transfer of nonmonetary assets for which no assets are received or relinquished in exchange (nonreciprocal transfer).
Both exchanges and nonreciprocal transfers that involve little or no monetary assets or liabilities are referred to as nonmonetary transactions.