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ASC 820 defines how fair value is determined for all fair value measurements in GAAP, except for those measurements that were specifically excluded from its scope. The measurement of fair value in most nonmonetary transactions addressed by ASC 845 is within the scope of ASC 820. Generally, the measurement of a nonmonetary transaction that will be recorded at fair value should be prepared using the market participant perspective and the exit price notion. If the fair value of the item relinquished or received cannot be determined within reasonable limits, ASC 845-10-30-3a requires that the carrying value be used to measure the nonmonetary exchange.
Certain nonmonetary transactions are exempt from applying the ASC 820 definition of fair value. For example, prior to the adoption of ASU 2014-09, barter transactions involving exchanges of advertising for advertising are generally measured at the carrying value of the advertising relinquished (see ARM 1300.12 and ARM 3500.751).
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