Fair Value Measurement

Is the Fair value of assets required to altered every year (depending upon the changing market value at the end of the year) or is Fair Value Used only at the time of recording the asset in the Books.

Ex: A company Buys a Plant for 10Lakhs on 31/3/2016 , The Transaction price is hence 10 Lakhs .Assuming the Fair value on the date of purchase is also the same. Now , at what value will the asset be recorded at on 31/3/2016? Also What will be the value recorded in books on 31/3/2016 if the fair value as on date of purchase was 13Lakhs?

After a Year ,(31/3/2017) the same asset has a market value of 15 Lakhs..Then what will the value of asset be on 31/3/2017 ( Is it 15 Lakhs or the Same 10 Lakhs ,assuming no depriciation)?