87Paragraphs 26, 29 and 32 are amended as follows (new text is underlined and deleted text is struck through):

87 Paragraphs 26, 29 and 32 are amended as follows (new text is underlined and deleted text is struck through):

26 … Guidance on determining measuring the fair value of a property interest is set out for the fair value model in paragraphs 33–52 33–35, 40, 41, 48, 50 and 52 and in AASB 13. That guidance is also relevant to the determination measurement of fair value when that value is used as cost for initial recognition purposes.

29 The fair value of an asset for which comparable market transactions do not exist is reliably measurable if (a) the variability in the range of reasonable fair value estimates measurements is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating when measuring fair value. If the entity is able to determine measure reliably the fair value of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident.

32 This Standard requires all entities to determine measure the fair value of investment property, for the purpose of either measurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). An entity is encouraged, but not required, to determine measure the fair value of investment property on the basis of a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued.