A client who owns a company has approached an accounting firm as they plan to revalue land assets to their current value and advice in relation to the potential sale of the company. There assets fall into 3 categories including orchards, land located next to the main orchard and land on a hillside that they have acquired with intention to build something for orchard tours.

What are the issues?

What are the requirements of the relevant accounting standards?

What are other relevant factors?