Lavender owns a property, which it rents out to some of its employees. The property was purchased for $30 million on 1 January 2015 and had a useful life of 30 years at that date. On 1 January 2020 it had a market value of $50 million and its remaining useful life remained unchanged. Management wish to measure properties at fair value where this is allowed by accounting standards.

Required:

Advise the management of Lavender how the property should be treated in the financial statements for the year ended 31 December 2020