A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 Years before construction, the land will be idle. Under IFRS, the land should be reported as:

A) Land Expense

B) Property, plant and equipment

C) An intangible asset

D) A long term investment

Also, can you please provide a breif explanation for why you choose that answer?