Impairment Loss applicable on land Or not??

An asset is impaired when the carrying amount of the asset exceeds its recoverable amount.

So there may be the cases when land can be impaired like significant decrease in market price over time etcc

I agree with Mr Maninder  but rare cases as it was stated  by him

AS 28 is not applicable to following assets

(1) Deffered Tax Assets as per AS 22

(2)Inventories as per AS 2

(3) Financial Insutrument held as assets and accounted in the books as per AS 13

(4)Assets arising under construction contract

So from the above we can say tht impairment loss in case of land is accounted as recovrable amount is below the carring value,.

yes

i have a different opinion , though as-28 doesnt amount to construction contracrs , as-22 etc ..

i think if we see the spirit of as-28 , it is applied generally on all depreciable assets only .. land is not a depreciable asset so , as  far as my opinion is considered , i dont think impairment loss on land can be considered .. plus .. land is the kind of investment , which never gives u a loss ( generally in normal circumstance ) .. this factor should also be kept in mind..