Explain when the asset or liability would require subsequent measurement at fair value. Cite the supporting Codification paragraph. Additionally. if fair value measurement is subsequently required or allowed, explain the likely level of the fair value hierarchy (Level 1, 2, or 3) to be used and the valuation technique (market, cost, or income) that would most likely apply.

At fiscal year-end, a company owns an office building that is only partially occupied and in use, because of an economic slowdown in the local area.