Which of the following statements is FALSE?

Question 2 options:

1) Accounts receivable are measured at face value less an allowance for doubtful debts.

2) Property, plant and equipment can be measured at cost or fair value, less accumulated depreciation expenses and accumulated impairment losses.

3) Inventory is measured at the higher of cost and net realisable value.

4) Leased assets for leases of more than 12 months duration are measured at the present value of the future lease payments.