http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175821948...

http://www.fasb.org/cs/BlobServer?b...tion/pdf&blobcol=urldata&blobtable=MungoBlobs

its the most relevant statement i can find and shows that "AAco's leases in Queensland are predominantly 50 year leases and our leases in the Northern Territory are predominantly perpetual leases". also, we can see AAC argued that the leases will be automatically renewed, which meets your point, so it should be classified as tangible asset rather than intangible. My concern is, AAC are not able to sell those land, even though they can sell their cattle station, they would not be benefit from the revaluation of the land, which means those gains will never be realised. as AAC`s shareholder, those assets and revaluation gain are no way to be included in your calculation.