A transaction (contrary to a non-exchange transaction) in which an entity receives assets or services from another and directly gives or surrenders an equal value (in the form of cash, goods, services, or use of assets) in exchange for the same. An exchange-like transaction may also involve a transaction in which an entity transfers liabilities to another entity/ party and directly receives an equal value in exchange. An exchange transaction is a reciprocal transfer between two parties that results in one party acquiring assets or services or extinguishing liabilities by surrendering a specific amount or value of an economic resource or incurring other obligations.

It is also known as an exchange transaction.