Nettle Ltd is a firm of project managers which supports construction industry projects. It has...
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Accounting
Nettle Ltd is a firm of project managers which supports construction industry projects. It has two contracts (A and B), on which it commenced work in the year to 31 December 20X9; work will not be completed until the year to 31 December 20Y0. Relevant amounts on 31 December 20X9 are:
Contract
A
B
Costs to date
95,000
45,000
Recognised profits to date
5,500
-
Recognised losses to date
-
5,500
Progress payments invoiced to date
90,000
42,000
How much should Nettle disclose as contract assets in accordance with IFRS 15 'Revenue from Contracts with Customers'?
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