Valuation of property,plant and equipment

“Can we say its materially misstated if not revalued”? Not really – non-current assets are stated at their original cost less accumulated depreciation (or at market value where the entity has adopted that policy)

In the case that you have posted, the entity has not apparently adopted the revaluation model so the land is correctly stated at cost $Zero

I believe that an explanatory disclosure note would be in order better to acquaint stakeholders of the situation but I don’t believe that it’s a material misstatement

“… and what are other matters to consider?”

How can I possibly answer this?

Here are some thoughts but they may not be appropriate to the specific question

What date was it gifted – presumably this year because otherwise it would have been questioned and resolved in prior years

Why was it gifted?

And who gifted it?

Are there any conditions that apply to the land , any restrictions, any potential liabilities or claims, any potential costs of clearing toxic materials from the land, what is our client intending to do with the land, are there any restrictive covenants that require development of the land or that prevent such development

There’s some food for thought

OK?