Yes, revaluation of land alone can be done. IAS 16 requires that revaluation can be done for an entire class of property, plant and equipment as per paragraph 36.
The standard specifies the classification in paragraph 37 which specifies that land can be classified as a separate category or land & building can be treated as a single category. Further, Paragraph 43 states that a part of property, plant and equipment with a significant cost shall be depreciated separately which indicated that building shall be treated as a separate item.
For revaluation any rate can be chosen provided it is consistent with the fair value measurement of the asset.
The amount at the date of revaluation shall be taken as fair value of the asset less any subsequent impairment and depreciation from the date of revaluation of land the revalued amount shall be taken as revalued amount and the revaluation assessment from that date shall be done regularly to ensure that the amount carrying amount does not differ materially.
One of the main requirement for land revaluation is that the entire class of assets shall be revalued in other words all the lands owned shall be revalued at the date of revaluation rather then revaluing any specific piece of land which is prohibited by the standard.
