Browsing by Author "Rajapaksha, S.R."

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    Full impairment of a Property Plant and Equipment Purchased in the Current Financial Year
    (Department of Accountancy, University of Kelaniya, 2016) Rajapaksha, S.R.; Silva, N.L.C.
    ‘LSI Rubbers (PVT) LTD’ is operating as a group of companies, which produces and sells Rubber, Tea, Coconut and Cinnamon. Major portion of its income is recorded to be received from rubber production. A machine has been purchased by the company which causes for about major portion of surgical gloves produced to be recognized as defects.
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    Valuation of Biological Assets
    (Department of Accountancy, University of Kelaniya, 2016) Rajapaksha, S.R.; Perera, H.A.P.L.
    ‘Green Acre Farms PLC’ is a listed company on Colombo Stock Exchange, which has the largest and most modern poultry hatcheries and breeder farms in Sri Lanka. In performing the operations, selective breeding, hatching and sale of commercial day old chicks are provided by the Green Acre Farms (GAF). Following the ruling issued by Institute of Chartered Accountants of Sri Lanka (ICASL), on 2nd March 2012 on bearer Biological Assets, cost basis was used by the company in measuring their biological assets. However, company had to change their policy of measuring the biological assets from cost basis to fair value basis, due to the request by the company’s main investor and the auditors.