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A client who owns a company has approached a firm regarding their plan to revalue...

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Accounting

A client who owns a company has approached a firm regarding their plan to revalue land assets to their current value and advice in relation to the potential sale of the company. The assets were acquired many years ago and still recorded at cost. There assets fall into 3 categories including orchards that produce apples for sale, land located next to the main orchard and land on a hillside that they have acquired with intention to build something for orchard tours. The client believes increasing these assets values will bolster the balance sheet to improve the position in potential negotiations. They want advice regarding possibility of revaluing some or all the land assets.

In relation to the land assets, what accounting treatment would be used and why?

In relation to the land assets, what fair value would be used and why?

In relation to the land assets, what is the characteristic of the assets?

What would be the revaluation method?

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