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

Posted: 30 Nov 2022, 08:01
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?

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

Posted: 30 Nov 2022, 14:04
by Marek Muc
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?

Posted: 02 Dec 2022, 16:56
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.