Question 1 Which of the following statements are CORRECT under HKAS 16 Property, plant and equipment? I. Using the cost model, property, plant and equipment is accounted for at cost less any accumulated depreciation and any accumulated impairment losses II. An entity can choose either the cost model, revaluation model or fair value model as its accounting policy and applied the chosen model in all items of property, plant and equipment III. The carrying amount of property plant and equipment should be derecognized either on disposal or when no future economic benefits are expected from its use. IV. Impairment should not be made if the property held for sale A. I and II I and III B. C. I, II and III D. All of above are correct