An amount that is deemed to be a representative (surrogate) of cost or depreciated cost at a specific date, for assets/ liabilities initially recognized by an entity (subject to the so-called deemed cost exemptions). For subsequent depreciation/ amortization, this cost will be used to reflect the cost of an appreciable or amortizable asset (or a liability) that is assumed to have initially been recognized at a given date.

Deemed cost is used as the basis for subsequent depreciation/ amortization and impairment tests. Such depreciation/ amortization/ impairment testing start from the date for which the fair value measurement or revaluation was established.