An entity can apply the fair value option to an eligible item only on the date when one of the following events occurs (an election date):

Specialized accounting for an item ceases to exist;

An investment becomes subject to equity method accounting (but is not consolidated) or to a VIE that is no longer consolidated; or

An event that requires the item to be measured at fair value, such as a business combination or significant modifications to debt instruments.

Please explain these three situations!