Subsequent to their initial recognition, AASB 116 provides entities with a choice in accounting policy between the O recoverable amount and the carrying value model O impairment model and the revaluation model O fair value model and the cost model O cost model and the revaluation model PPE la 11 0

Option D : Cost model and Revaluation model

Explanation :

An entity shall choose either the cost model or the revaluation model as its accounting policy and shall apply that policy to an entire class of property, plant and equipment.

Cost Model:

After recognition as an asset, an item of property, plant and equipment shall be carried at its cost less any accumulated depreciation and any accumulated impairment losses.

Revalaution Model

After recognition as an asset, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Option 1 is correct.

As he is eligible to get medical expenses and lost wages as per the rules of 'workers compensation program' of U.S. Department of Labor.