Accounting · Audit Planning and IAS 16

An audit junior made several statements in relation to the valuation of shops under IAS 16 'Property, Plant and Equipment' for an audit planning meeting: 1. The company is allowed under IAS 16 to revalue a flagship shop while continuing to measure its three other shops at cost less depreciation. 2. The revaluation constitutes a change in accounting policy, so the audit team needs to consider the adequacy of the disclosures made in respect of this. 3. The flagship store should be depreciated on its revalued amount. 4. The audit team must confirm that all repairs and maintenance costs have been capitalized. Which of the above statements are correct?