Can retention sum receivable/payable classified as contract assets or contract liabilities?

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ray105
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Joined: 10 Mar 2022, 12:35

Can retention sum receivable/payable classified as contract assets or contract liabilities?

Post by ray105 »

Hi all,

Can retention sum receivable/payable classified as contract assets or contract liabilities? Or lump together into contract assets/liabilities on the presentation of the balance sheet/financial statements?
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Marek Muc
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Re: Can retention sum receivable/payable classified as contract assets or contract liabilities?

Post by Marek Muc »

explain please what does the 'retention sum' mean and how it works
JRSB
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Re: Can retention sum receivable/payable classified as contract assets or contract liabilities?

Post by JRSB »

Sometimes a retention can be kept even if no services are subsequently performed and may not necessarily relate to future services so the specifics are important.
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