AASB 116 Property, Plant and Equipment 2-5: Scope: apply the Standard to all tangible operating assets unless a different Standard calls for or allows another treatment, with the stated exclusions, and use the cost model for owned investment property carried at cost

What does 2-5 require?

The Standard governs the accounting for tangible operating assets except where some other Standard prescribes or allows a different approach. It is not applied to such assets once they are classified as held for sale under AASB 5, to living plants and animals used in agriculture, apart from bearer plants (AASB 141 covers those, and the produce growing on bearer plants), to recognising and measuring assets from exploring for and evaluating mineral resources (AASB 6), or to mineral rights and reserves such as oil and gas. It does cover the plant and equipment an entity uses to develop or keep up those excluded assets. An entity that carries investment property at cost under AASB 140 applies this Standard's cost model to the investment property it owns.