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Answer Posted / barodianbuddy(acca)
Asset under construction= fixed asset under construction in progress.
Quite Simply, a business cannot, must not, wait until a long term construction contract which lasts several years is completed before any profit (or loss) is taken to the financial statement. That would be a distortion of the truth i.e. the company performing the contract would have been successfully completing stages of contract and must therefore take some profit in financial statements as contract activity progresses (Matching Concept).
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