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