Page 196 - F2 Integrated Workbook STUDENT 2019

Chapter 7

Step (4) Calculate balances as at the reporting date for the STATEMENT OF
FINANCIAL POSITION

The statement of financial position can include:

 Trade receivables (amounts billed to the customer but not paid)

 Contract assets (for unbilled work performed by the entity)

 Contract liabilities (for billed work yet to be performed by the entity)

Contract asset or liability calculation

Costs incurred to date x

Recognised profits to date x

Recognised losses to date (x)

Amounts billed to customers (x)

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Contract asset/liability x/(x)

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