The accounting treatment for land under AASB 116/IAS 16 and AASB 141/IAS 41 differs depending on whether the land is/isn't an investment property. These differences relate to:
I. the recording of changes in fair value.
II. the initial measurement of the value of the land.
III. the subsequent measurement of the value of the land.

A) I only
B) II only
C) I, II and III
D) II and III only

AASB 116

Refers to the Australian Accounting Standards Board's standard on Property, Plant, and Equipment, outlining the accounting treatment for these assets.

AASB 141

An accounting standard issued by the Australian Accounting Standards Board that deals with the agricultural sector, specifically the accounting for agricultural activity.

IAS 16

An International Accounting Standard outlining the accounting treatments for property, plant, and equipment, including its recognition and measurement.