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How are advances paid to contractors (for constructing an asset) accounted at the end of the year?

in IAS 16 - Property, Plant and Equipment by
How are advances paid to contractors (for constructing an asset) accounted at the end of the year? For example 100% of the cost of an asset is transfered to contractor, but they have build only 50% of the asset, yet.

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If the construction is not complete, It should just be an advance or prepayment on the balance sheet.

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