6 The requirements of IAS 16 are applied to accounting for property, plant, and equipment which are classified as held for sale. * (1.5 Points) O True. False. 7 Asset Impairment process means that the asset value must not appear in the statement of financial position more than its recoverable amount. * (1.5 Points) O True. O False 8 Value in use is the discounted present value of the future cash flows expected to arise from selling an asset only. * (T) (1.5 Points) O True. False