v Grange acquired a plot of land on 1 December 2008 in an area where the land is expected to rise signifi cantly in value if plans for regeneration go ahead in the area. The land is currently held at cost of $6 million in property,plant and equipment until Grange decides what should be done with the land. The market value of the land at 30 November 2009 was $8 million but as at 15 December 2009, this had reduced to $7 million as there was some uncertainty surrounding the viability of the regeneration plan.