B67 The most important change between E64 and the final Standard was the introduction of the cost model as an alternative to the fair value model. The other main changes are listed below.
(a) The guidance on determining fair value was expanded, to clarify the following: [IFRS 13, issued in May 2011, contains the requirements for measuring fair value and for disclosing information about fair value measurements. As a consequence paragraphs 37, 38, 45-47, 49, 51 and 75(d) of IAS 40 have been deleted.]
(i) the fair value of investment property is not reduced by transaction costs that may be incurred on sale or other disposal (paragraph 37 of the Standard). This is consistent with the measurement of financial assets under paragraph 69 of IAS 39. [Paragraph 69 was replaced by paragraph 46 when the Board revised IAS 39 in 2003. IFRS 9 Financial Instruments deleted paragraph 46 of IAS 39.] E64 was silent on the treatment of such costs;
(ii) measurement is based on valuation at the balance shee
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