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    Reesie1

    Since Land Never Depreciates, What Happens To Land Owned That Is Involved In A Landslide Where The Land Is Lost Or A Natural Disaster, Such As A Psunami, Where The Land Is Washed Away And No Longer Usable?

    My question concerns how to handle loss of land since land never depreciates, how would you handle this for accounting purposes.

    asked 5 months ago

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    Aicha

    Actually it is dealt in the same manner as destruction caused to any other asset. It no longer shows up in the accounting books. Actually if there is an insurance on it (which is most improbable) you would get the market cost which you can cite in the accounting books. Otherwise there would be no mention of the asset.

    answered 5 months ago   

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