Measurement of assets

Woolworths Ltd’s 2014 balance sheet reports the carrying value of property, plant and equipment at $9600.7 million. The notes to the accounts (p. 126) state the following:

An assessment as to the carrying value of Woolworths owned properties as at 29 June 2014 was performed. The basis of the assessment was a combination of external market assessments and/or valuations and Woolworths’ property group assessments based on value in use. External valuations are obtained every three years. Based on the most recent assessments, an impairment provision of $84.6 million (2013: $78.9 million) is held as at 29 June 2014.

Required

Discuss the usefulness of this disclosure for decision makers. Explain why an entity may elect to measure property at cost in the balance sheet and disclose its fair value.