Which of the following statements regarding lease accounting under IFRS 16 is false?

1. The distinction between an operating lease and a finance lease is relevant to lessor accounting, but not relevant to lessee accounting.
2. The recognition exemptionfor short-term leases and leases for whichthe underlying asset is of low value applies to lessor accounting but not lessee accounting.
3. The right-of-use asset is initially measured based on the amount of the initial measurement the lease liability, any initial direct cost incurred by the lessee as well as some other elements of costdescribed in the standard,
4. After lease commencement, a lessee measures a right-of-use asset using the cost model, unless the right-of-use asset is an investment property and the lessee uses the fair value method under IAS 40for its investment properties,or the lessee is entitled to elect toaccount for the right-of-use asset under the revaluation method described inIAS 16.