Just wanted to ask if below would be technically correct under IFRS.
Case triggers non-monetary transaction issue for land exchange - giving up downtown land in exchange for industrial land for plant.
Both costs of asset given up / received are given.
Only estimated fair value are provided for both assets based on fair value of similar piece of land and back calculation with inflation rate from cost - appraiser can't conclude true fair value as no sales transaction has taken places for two years.
In this case, can I say: since the fair values of both assets can't be reliably measured, I will use cost to record transaction?
I see the situation is a little vague because the estimated fair value appears to be reasonable at some degree (but not completely).
Any advice would be greatly appreciated.