Fintan
On the A320, the LAND annunciated on the PFD means that the systems have determined that they are autoland ready. If land is not displayed (usually by 400ft radio alt) then one cannot autoland the aircraft - you can still land the aircraft manually, but obviously require the visual references. Once LAND is annunciated, the only way to cancel that mode is to go-around.
The LAND annunciation does not have any relationship to the ability to perform a go-around. At touchdown LAND will be replaced by ROLLOUT.