The amounts to be disclosed in accordance with the Standard are as follows: Contract revenue recognised as revenue in the period (paragraph 39(a)) | 1,300 |
Contract costs incurred and recognised profits (less recognised losses) to date paragraph 40(a)) | 1,435 |
Advances received (paragraph 40(b)) | 125 |
Gross amount due from customers for contract work - presented as an asset in accordance with paragraph 42(a) | 220 |
Gross amount due to customers for contract work - presented as a liability in accordance with paragraph 42(b) | (20) |
The amounts to be disclosed in accordance with paragraphs 40(a), 42(a) and 42(b) are calculated as follows: |
Contract |
| A | | B | | C | | D | | E | | Total |
Contract costs incurred | 110 | | 510 | | 450 | | 250 | | 100 | | 1,420 |
Recognised profits less recognised losses | 35 | | 70 | | 30 | | (90) | | (30) | | 15 |
| 145 | | 580 | | 480 | | 160 | | 70 | | 1,435 |
Progress billings | 100 | | 520 | | 380 | | 180 | | 55 | | 1,235 |
Due from customers | 45 | | 60 | | 100 | | - | | 15 | | 220 |
Due to customers | - | | - | | - | | (20) | | - | | (20) |
The amount disclosed in accordance with paragraph 40(a) is the same as the amount for the current period because the disclosures relate to the first year of operation.