Exchange transaction

Good morning all My client which is in the construction industry has been receiving assets in exchange for construction revenue. The Standards say IAS 18 When goods are sold or services are rendered in exchange for dissimilar goods or services, the exchange is regarded as a transaction which generates revenue.  The revenue is measured at the fair value of the goods or services received, adjusted by the amount of any cash or cash equivalents transferred.   IAS 16 In an exchange transaction the cost of assets acquired should be measured at the fair value of the items given up. {Assuming that we can measure the fair value of items given up and the transaction does not lack commercial substance}.  Suppose the fair value of the items given up {the construction services rendered} amounts to $100 and the fair value of the asset received amounts to $150. What are the entries that we will post in the ledger to recognise the revenue and the asset aquired.   Many thanks for the assistance.   Regards,   […]