68Paragraph 5 is amended as follows (new text is underlined and deleted text is struck through):

68 Paragraph 5 is amended as follows (new text is underlined and deleted text is struck through):

5 This Standard does not apply to … investment property measured at fair value in accordance with within the scope of AASB 140, or biological assets related to agricultural activity measured at fair value … in accordance with within the scope of AASB 141. However, this Standard applies to assets that are carried at revalued amount (i.e. fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses) in accordance with other Australian Accounting Standards, such as the revaluation models in AASB 116 Property, Plant and Equipment and AASB 138 Intangible Assets. The only difference between an asset’s fair value and its fair value less costs of disposal is the direct incremental costs attributable to the disposal of the asset. Identifying whether a revalued asset may be impaired depends on the basis used to determine fair value:

(a) if the asset’s fair value is its market value, the only difference between the asset’s fair value and its fair value less costs to sell is the direct incremental costs to dispose of the asset:

(i) if If the disposal costs are negligible, the recoverable amount of the revalued asset is necessarily close to, or greater than, its revalued amount (i.e. fair value). In this case, after the revaluation requirements have been applied, it is unlikely that the revalued asset is impaired and recoverable amount need not be estimated;.

(ii) if the disposal costs are not negligible, the fair value less costs to sell of the revalued asset is necessarily less than its fair value. Therefore, the revalued asset will be impaired if its value in use is less than its revalued amount (i.e. fair value). In this case, after the revaluation requirements have been applied, an entity applies this Standard to determine whether the asset may be impaired; and

(b) [deleted by the IASB] if the asset’s fair value is determined on a basis other than its market value, its revalued amount (i.e. fair value) may be greater or lower than its recoverable amount. Hence, after the revaluation requirements have been applied, an entity applies this Standard to determine whether the asset may be impaired.

(c) If the disposal costs are not negligible, the fair value less costs of disposal of the revalued asset is necessarily less than its fair value. Therefore, the revalued asset will be impaired if its value in use is less than its revalued amount. In this case, after the revaluation requirements have been applied, an entity applies this Standard to determine whether the asset may be impaired.

69 Paragraph 6 is amended (new text is underlined and deleted text is struck through) as follows (as a consequence of the amendment to the definition of fair value less costs to sell, all references to ‘fair value less costs to sell’ in AASB 136 are replaced with ‘fair value less costs of disposal’):