1 A. Your friend has just been appointed as a director of a company. He is puzzled as to the accounting treatment of some of the company's property, plant and equipment, which he thinks does not make sense. He said, for example, the value of a property acquired 10 years ago for RM500,000 is now carried in the statement of financial statement at a lower amount of RM400,000, when in fact the true value should have increased to reflect the current market value. Required: Explain to your friend the principal requirements of MFRS 116 Property, Plant and Equipment in relation to the measurement model of property, plant and equipment, including its subsequent treatment