On 1 July 2035, an Australian company, Melbourne Ltd, acquired all the shares of Hong Kong Ltd, a foreign operation. The balance sheet of Hong Kong on this date reported land with a book value of HK$1,500,000, which was also its fair value. No land assets were acquired or sold during the next twelve months.

In relation to the land asset, compare and contrast the temporal method (functional currency is the Australian $) and the current rate method (functional currency is the HK$ and the presentation currency is the Australian $) in terms of the value reported for land on the balance sheet as at 30 June 2036.