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.
