The accounting treatment for land under AASB 116/IAS 16 and AASB 141/IAS 41 differs depending on whether the land is/isn't an investment property. These differences relate to:
I. the recording of changes in fair value.
II. the initial measurement of the value of the land.
III. the subsequent measurement of the value of the land.

Question

Quizplus · Accepted Answer

AASB 116/IAS 16 and AASB 141/IAS 41 differ in their treatment of land regarding the recording of changes in fair value, the initial measurement, and the subsequent measurement of the value of the land, depending on whether the land is considered an investment property or not.

The Accounting Treatment for Land Under AASB 116/IAS 16 and AASB