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 utilizing U.S. GAAP or IFRS.
Jason: Isn’t 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.