Increases in Fair Value Over Cost in Relation to Land

question 7

Multiple Choice

Increases in fair value over cost in relation to land used for agricultural purposes is recognised in equity when the land is:

• A) an investment property measured at fair value and accounted for under AASB 140
• B) an investment property measured at cost and accounted for under AASB 140
• C) not an investment property, is measured at fair value and accounted for under AASB 116
• D) not an investment property, is measured at cost and accounted for under AASB 116