1. 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: We had better check as to the appropriate accounting.

According to the FASB's Codification, can we make a report to Jason and Jill as to the appropriate accounting for barter transactions under U.S. GAAP with specific references to the authoritative literature.