The Commonwealth Bank of Australia measures its property assets (land and buildings) on a fair value measurement

Question:

The Commonwealth Bank of Australia measures its property assets (land and buildings) on a fair value measurement basis using independent market valuations. As at 30 June 2011 (2010) the land is valued on the at $269 (275) million. Its cost value as at 30 June 2011 (2010) is $128 ($134) million.
Discuss which figure is more useful for decision making. Analyse how revaluation increments and decrements, related to the land, are accounted for. Is this consistent with accounting for movements in the fair value of biological assets (refer to question5.38)?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...