Vaccine Traders purchased two plots of land in May 2021: Plot X for RM400,000 and Plot Y for RM320,000. Plot X has planning permission to build on and is expected to increase in value. Plot Y, however, has been found to have toxic chemicals and is expected to have a lower value.

The owner only wants to record the increase in value of Plot X but not the decrease in value of Plot Y.

Required:

(a) Advise Vaccine Traders whether they can only revalue Plot X but not Plot Y. Support your answer by referring to relevant accounting standard(s).