With regards to land used for agricultural purposes, increases in fair value over cost is recognised in equity when the land is:

Question

Quizplus · Accepted Answer

Increases in fair value over cost for land that is not classified as investment property and is measured at fair value are recognised in equity. This is in line with AASB 116/IAS 16, which allows for such revaluation increases to be credited directly to equity under the revaluation surplus.

With Regards to Land Used for Agricultural Purposes, Increases in Fair