Many accountants believe that once you own some long-term tangible asset you need to apply IAS 16 PPE and you can chose from 2 models. what are those?

The two models are:

1. Cost Model

2. Revaluation Model

As per IAS16 there are two models available

1, Cost model wherein the asset value will be determined after depreciation

2. Revaluation model wherein the asset value will be determined based on market condition