1. The problem asks which two subsequent accounting treatments are allowed under IAS 16 after initial recognition of property, plant, and equipment. 2. IAS 16 permits two models for subsequent measurement: the cost model and the revaluation model. 3. The cost model measures the asset at cost less accumulated depreciation and impairment losses. 4. The revaluation model measures the asset at a revalued amount, being its fair value at the date of revaluation less subsequent depreciation and impairment. 5. Present value and fair value models are not recognized as subsequent measurement models under IAS 16. 6. Therefore, the two allowed subsequent accounting treatments under IAS 16 are the cost model and the revaluation model. Final answer: Option 2, Cost model and revaluation model.