Question 4 The main purpose of IAS 16 Property, Plant and Equipment is to establish rules to ensure that items of Property Plant and Equipment are recognized on a consistent or timely basis. a. What is the definition of Property, Plant and Equipment? (3 marks) b. After initial recognition property, plant and equipment can be measured using either of two models, what are these models? (2 marks) c. What are elements that comprise the cost of an item of Property, Plant and Equipment