Citation:Rathnayake, N.O.P. & Perera, H.A.P.L. 2016. Recognition of Bearer Plants under Biological Asset or PPE. Case Studies in Accounting “Bridging the Gap”, 03: pp. 46-47. Department of Accountancy, Faculty of Commerce and Management Studies, University of Kelaniya, Sri Lanka.
Date:2016
Abstract:
Flora Exotics (Private) Limited (“Company”) is a limited liability company
incorporated and domiciled in Sri Lanka. The principal activity of the company
is to grow and export horticultural products engendered from tissues of exotic
plants. The company is operating under Plantation sector. It was observed and
understood that the company is not recognizing their mother plants in the
financial statements which are the most valuable asset that generate the future
economic benefits to the company. Therefore this case study elaborates how
these mother plants should be recognized in the financial statements.
