New FAQ on Should assets on land be accounted for separately from the land?

GRAP 1 on Presentation of Financial Statements requires that each material class of similar items are presented separately in the financial statements. In terms of GRAP 17 on Property, Plant and Equipment, land and buildings are separable assets and therefore need to be accounted for separately, even when they are acquired together. This principle applies equally to other assets on land when material.

Access FAQ 2.17 here: FAQs.