Under US GAAP, revenue from barter transactions should be measured based on the fair value of revenue from:

1. similar barter transactions with unrelated parties

2. similar non-barter transactions with related parties

3. similar non-barter transactions with unrelated parties

The Rules

Under IFRS, revenue from barter transactions must be measured based on the fair value of revenue from similar nonbarter transactions with unrelated parties (parties other than the barter partner). Similarly, the FASB states that revenue can be recognized at fair value only if a company has historically received cash payments for such services and can thus use this historical experience as a basis for determining fair value.

Interpretation

IFRS specifically states that the two parties must be unrelated but in the definition for GAAP the is no mention of party relation. I am having trouble coming to a conclusion on whether GAAP requires that the parties be related or unrelated. I know that the answer to my question has to be either numer 2 "similar non-barter transactions with related parties" or number 3 "similar non-barter transactions with unrelated parties"