48Paragraphs 35 and 77 are amended as follows (new text is underlined and deleted text is struck through):

48 Paragraphs 35 and 77 are amended as follows (new text is underlined and deleted text is struck through):

35 When an item of property, plant and equipment is revalued, any accumulated depreciation at the date of the revaluation is treated in one of the following ways:

(a) restated proportionately with the change in the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals its revalued amount. This method is often used when an asset is revalued by means of applying an index to determine its depreciated replacement cost (see AASB 13); or

77 If items of property, plant and equipment are stated at revalued amounts, the following shall be disclosed in addition to the disclosures required by AASB 13:

(c) [deleted by the IASB] the methods and significant assumptions applied in estimating the items’ fair values;

(d) [deleted by the IASB] the extent to which the items’ fair values were determined directly by reference to observable prices in an active market or recent market transactions on arm’s length terms or were estimated using other valuation techniques;