How to account for land held for sale over a period longer than 12 months

South Africa Discussion in 'Technical Queries' started by Welu, May 16, 2016.

  1. Welu

    Welu

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    Hi People

    How do you account for land that has been held for sale over a period longer than 12 months, my Company has huge land which is being sold, though the intention to sale is immediate but looking at the quantity of land it is not possible to sale it over one year?

    So now what is the appropriate accounting treatment for the land? since it does not qualify as an investment property because there is no intention to hold the land for capital appreciation?
     
    Welu, May 16, 2016
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