Hi Monique,
Its depend on 2 major things,
1. What type of land you are going to purchase eg. Forest land, private land, agricultural
2. Purpose of land purchase eg. Personal use, Public Purpose, private *** public use based on that you may entitle to get refund on money spend over land & infrastructure by the Govt..
So, As told by expert above you have to create asset under construction
(AUC) using investment project on WBS.
Settle OPC (Other project cost) & actual cost of land as expense + refund from Govt.(if any) as revenue on AUC/Final asset & capitalise it.
With regards,
Dnyanesh