91Paragraph 48 is amended as follows (new text is underlined and deleted text is struck through):

91 Paragraph 48 is amended as follows (new text is underlined and deleted text is struck through):

48 In exceptional cases, there is clear evidence when an entity first acquires an investment property (or when an existing property first becomes investment property …) that the variability in the range of reasonable fair value estimates measurements will be so great, and the probabilities of the various outcomes so difficult to assess, that the usefulness of a single estimate measure of fair value is negated. This may indicate that the fair value of the property will not be reliably determinable measurable on a continuing basis (see paragraph 53).

92 The heading above paragraph 53 and paragraphs 53 and 53B are amended as follows (new text is underlined and deleted text is struck through):

Inability to Determine Measure Fair Value Reliably

53 There is a rebuttable presumption that an entity can reliably determine measure the fair value of an investment property on a continuing basis. However, in exceptional cases, there is clear evidence when an entity first acquires an investment property (or when an existing property first becomes investment property …) that the fair value of the investment property is not reliably determinable measurable on a continuing basis. This arises when, and only when, the market for comparable market properties is inactive (e.g. there are few recent transactions, price quotations are not current or observed transaction prices indicate that the seller was forced to sell) are infrequent and alternative reliable estimates measurements of fair value (for example, based on discounted cash flow projections) are not available. If an entity determines that the fair value of an investment property under construction is not reliably determinable measurable but expects the fair value of the property to be reliably determinable measurable when construction is complete, it shall measure that investment property under construction at cost until either its fair value becomes reliably determinable measurable or construction is completed (whichever is earlier). If an entity determines that the fair value of an investment property (other than an investment property under construction) is not reliably determinable measurable on a continuing basis, the entity shall measure that investment property using the cost model in AASB 116. The residual value of the investment property shall be assumed to be zero. The entity shall apply AASB 116 until disposal of the investment property.

53B … An entity that has measured an item of investment property under construction at fair value may not conclude that the fair value of the completed investment property cannot be determined measured reliably.