AASB 1 First-time Adoption of Australian Accounting Standards D5-D8: Deemed cost: at the transition date an item of property, plant and equipment, investment property under the cost model, a right-of-use asset or a qualifying intangible asset may be carried at fair value, at a previous GAAP revaluation that broadly matched fair value or indexed cost, or at an event-driven previous GAAP fair value

What does D5-D8 require?

The entity may elect, item by item, to measure property, plant and equipment at its fair value at the transition date and use that as deemed cost, or to use a previous GAAP revaluation made at or before that date if the revaluation was broadly comparable to fair value or to cost or depreciated cost adjusted by a price index. The same elections extend to investment property under the AASB 140 cost model, right-of-use assets and intangible assets that meet the AASB 138 recognition and revaluation criteria (an active market), but not to other assets or liabilities. Where a previous GAAP event such as a privatisation or public offering established a deemed cost by measuring some or all assets and liabilities at fair value, that measurement may be used at the date it was made; if the event date is after the transition date the resulting adjustments go to retained earnings or equity at that date.