Land

Land is the only 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 the property, such as real estate commissions, escrow, surveying, and even grading or landscaping. This is true because the later treatments, such as landscaping, can be considered permanent improvements.

Improvements, such as driveways and fencing have a limited term of service; therefore such improvements 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.