Under AASB 116 Property, Plant and Equipment, subsequent to initial recognition property, plant and equipment assets can only be measured using the revaluation model.

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Under AASB 116 Property, Plant and Equipment, subsequent to initial recognition, property, plant and equipment assets can be measured using either the cost model or the revaluation model. The entity can choose the model that suits it the best. However, if the revaluation model is chosen, it must be applied to the entire class of assets to which the asset belongs.

Under AASB 116 Property, Plant and Equipment, Subsequent to Initial