Accounting treatment for acquisition of land

I have a techinical issue that need your opinion.

My client, (Co A-Land owner) has entered a joint venture agreement with Co B, a developer to undertake a commercial development project. Co A will contribute the development land and Co B shall contribute and bear the entire cost and expense of the development. Co A will deliver Power of Attorney to Co B immediately upon the execution of JV agreement. In return, Co A will get entitlement of $12m as per JV agreement as follows:

– $3m payment of redemption sum due and payable to the bank (settle land purchase)
– $2m to land owner (Co A) within 30 days after completion of internal and external plastering works for all units
-$4m to land owner within 30 days aft the completion of road works for all units.
– Balance to land owner (Co A) within 30 days aft the issuance if Certificate of Completion and Compliance.

1. What is the accounting treatment for Land in the account of Land owner ( Co A) to IFRS upon:
-acquisition of Land
-upon signing of JV agreement
-upon receiving entitlement of $12m progressively

2. What is the accounting treatment for interest incurred on bank financing? Can it be capitalized to the land cost in the accounts of Co A?

3. Currently the land is booked under PPE in non-current assets. Is there any probs with this grouping?

4.What is the tax implication (income tax or RPGT) for Co A upon:
-acquisition of land
-upon signing of JV agreement
-upon receiving entitlement of $12m progressively

Thanks !