When would you not measure fair value in a non-monetary transaction under ASPE?

In the context of ASPE (Accounting Standards for Private Enterprises), fair value measurement in a non-monetary transaction is not required when the transaction is part of the ordinary course of business. This is because transactions that occur regularly in the normal operations of a business often follow established pricing practices or market norms, which may not require a separate fair value assessment as they are already reflected in the business's ongoing performance and financial results.

When transactions have commercial substance, fair value typically needs to be measured, as they involve a significant change in the economic position of the parties involved. Similarly, when assets can be reliably valued, fair value consideration is generally necessary to ensure accurate financial reporting. In instances where both assets are cash equivalents, measurement of fair value can often be bypassed since the nature of cash equivalents is such that their value is inherently known and easily determinable, making it unnecessary to perform a separate valuation.

Thus, the situation where fair value measurement can be excluded pertains specifically to transactions that are routine and customary within the business's operations, leading to the conclusion that ordinary course transactions do not require this additional valuation step under ASPE.