Which of the following is true regarding IFRS for SMEs?

1) Investments in associates are accounted for using the equity method only.

2) Any company may use IRS for SMEs as they are simpler than the full version.

3) simplified IFS for SMEs is a single standard of fewer than 230 pages. It is designed to meet the needs and capabilities of SMEs.

4) For tangible and intangible assets, there is an accounting policy choice between the cost model and the revaluation model. Goodwill and other intangibles with indefinite lives are reviewed for impairment and not amortized

5) Research costs are expensed as incurred; development costs are capitalized and amortized, but only when specific criteria are met. Borrowing costs are capitalized if certain criteria are met.