Quarry is an Inventory or PPE?
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Date
2016
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Department of Accountancy, University of Kelaniya
Abstract
PQR Construction (Private) Limited (“Company”) is a limited liability company
incorporated and domiciled in Sri Lanka. During the year, the principal activities of
the Company were undertaking construction contracts. Mainly they construct the
roads & water projects.
Year ended 31/03/2015 PQR LTD purchased a land which includes Quarry and that
Quarry has been recognized as an inventory in their accounts. But according to the
LKAS 16 (Property, Plant & Equipment) it should be recognized as a Property, Plant
& Equipment.
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Citation
Chanaka, H.A.D. & Thilakarathne, P.M.C. 2016. Quarry is an Inventory or PPE?. Case Studies in Accounting “Bridging the Gap”, 03: pp. 95-96. Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka.