1. Historical Cost:
   Assets and liabilities are recorded at the amount of cash or cash equivalents paid (or received) at the time of acquisition or incurrence. This is the most commonly used basis, particularly for non-financial assets, such as property, plant, and equipment.
2. Current Cost:
   Assets are carried at the amount of cash or cash equivalents that would have to be paid if the same or equivalent asset were acquired currently. Liabilities are carried at the undiscounted amount of cash or cash equivalents that would be required to settle the obligation currently.
3. Realisable (Settlement) Value:
   Realisable value refers to the amount of cash or cash equivalents that could be obtained by selling an asset in an orderly disposal. Settlement value refers to the undiscounted amount of cash or cash equivalents expected to be paid to settle the liability.
4. Present Value:
   Present value is the current discounted value of future net cash inflows or outflows that are expected to arise from the settlement of an asset or liability. This method is commonly used for long-term assets and liabilities, such as pension obligations and long-term debt.

(4 marks)