(a) Define the term "property, plant and equipment".

(b) When should an item of property, plant and equipment be recognised as an asset and when should it be derecognised?

(c) Which of the following costs should be included in the cost of an item of property, plant and equipment at initial recognition?
- The purchase price of the item
- Import duties incurred in relation to the item
- Delivery charges
- Small spare parts for the item
- The cost of a maintenance contract
- Non-refundable purchase taxes relating to the purchase price of the item.