Consider the following statements in relation to IAS 16, Property plant and equipment:

1. The cost model is required to be used for all items of property, plant & equipment.

2. The revaluation model is required to be used for all items of property, plant and equipment.

3. An entity can use the cost model for some properties and the revaluation model for other properties.

4. An entity can use the cost model for its plant and equipment and the revaluation model for its properties.