AASB 116 Property, Plant and Equipment 15,Aus15.1,Aus15.3: Measure a qualifying item at cost on recognition; not-for-profit entities measure an item acquired for consideration significantly below fair value, mainly to further their objectives, at fair value under AASB 13, and that initial measurement is not a revaluation

What does 15,Aus15.1,Aus15.3 require?

On recognition the item is measured at its cost. For not-for-profit entities there is an Australian override: where the consideration given is significantly below fair value, principally so that the entity can further its objectives, the cost of the item is its fair value measured under AASB 13, with AASB 1058 governing the related income or other amounts. Measuring an item at fair value on initial recognition under that override is not a revaluation, so the revaluation model in paragraph 31 and its supporting paragraphs apply only if the entity later chooses to revalue the item.