b) Accounting policies determine how transactions are allocated to one or more accounting periods and require judgements Required: Critically discuss the usefulness of financial statements in relation to the application of IAS 16 Property, Plant and Equipment. Your answer should specifically address the following issues: Areas of judgements required in the calculation of depreciation and choice of methods for calculation of depreciation; (a) (8 marks) (b) Change in the useful lives of assets; (4 marks) The measurement model used- with particular reference to the cost or revaluation models. (c) (8 marks) TOTAL 30 marks CONT