Land value - Accounting treatment

This discussion explores the accounting treatment of land value on a balance sheet. The main question is whether to record land at its historical cost or a more recent government valuation certificate. While some argue for sticking to historical cost for fixed assets, others suggest revaluation is permissible, especially if company policy allows. It's noted that revaluation can inflate profits and asset values, and a certified valuer's report is typically required. Ultimately, the decision should align with company policy and be discussed with the proprietor.