Wellington International Airport Limited is a for-profit company domiciled in New Zealand that manages the Wellington Airport and files its financial statements in compliance with IFRS. For the period ending September 30, 2012, Wellington reported the following data:

Required:
1. Why do you think the revaluations of both land and property, plant, and equipment are reported in other comprehensive income instead of in net income?
2. Over the 12 months ending March 31, 2012, did the values of land and property, plant, and equipment go up or down?
3. If Wellington International Airport Limited were located in the United States or if the company chose to file its financial reports under U.S. GAAP, how much revaluation would the company report for both land and property, plant, and equipment?

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WELLINGTON INTERNATIONAL AIRPORT LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2012 6 months 30 Sep 2012 Unaudited Consolidated 6 months 30 Sep 2011 Unaudited $(6,650) 12 month 31 Mar 2012 Unaudite $8,981 $ In 000) Net (loss)/surplus for the period Other comprehensive income Revaluation of land Revaluation of property, plant, and equipment Amortisation of fair value of ineffective hedges $(5,571) 74,270 9,338 transferred to profit or loss Income tax relating to components of other 626 2,736 4,380 (175) 451 $(5,120) (3,840) 84,148 $93,129 (766) comprehensive income Other comprehensive income, net of tax Total comprehensive income 1,970 $(4,680)