Under the cost model, after initial recognition of a Property, Plant and Equipment asset the item must be carried at its:Group of answer choicescost less accumulated depreciation and less accumulated impairment lossesinitial costrevalued amount where the asset value has increasedresidual value

Under the cost model, after initial recognition of a Property, Plant and Equipment (PPE) asset, the item must be carried at its cost less accumulated depreciation and less accumulated impairment losses.

Here's the step-by-step process:

1. Initial Recognition: When a PPE asset is initially recognized, it is recorded at its cost. This includes the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to operate as intended.

2. Depreciation: Over time, the asset is depreciated. This is a way of spreading out the cost of the asset over its useful life. The amount of depreciation each year is subtracted from the asset's carrying amount.

3. Impairment: If there are indications that the asset's value has decreased more than what would be expected due to normal depreciation (for example, due to damage or obsolescence), an impairment loss may be recognized. This is also subtracted from the asset's carrying amount.

4. Carrying Amount: The carrying amount of the asset is therefore its initial cost, less any accumulated depreciation and less any accumulated impairment losses.

Note: The other options mentioned (revalued amount where the asset value has increased, residual value) are not applicable under the cost model. The revaluation model, which allows for increases in asset value, is a different accounting method. The residual value is the estimated amount that an entity would currently obtain