Land

Land is the only asset that is part of property, plant and equipment that is not subject to depreciation.  Since land has an unlimited term of existence, depreciating it would not be appropriate.  The cost of land should include all of the incidental costs to acquire it such as real estate commissions, escrow, surveying and even grading or landscaping. This is because the later treatments - such as landscaping - can be considered permanent improvements.

Land improvements such as driveways and fencing have a limited term of service, therefore should not be included in Land.  Land is considered a tangible asset and can be found in the long term assets section of a company's balance sheet.