[asiyaauditor]

@mikelittle said:
One (working W2) is the equivalent of “Unbilled work in progress” and the other (working W3) is a straight-forward Receivable.

They’re both current assets (probably)

Think of an audit firm that bills its clients every time the chargeable time passes $10,000. Imagine that 3 weeks ago they invoiced the client the latest fee note of $10,000 and that there has been a further $2,000 chargeable time posted on the cost card since then

The client has not yet paid the last fee note for $10,000

On the cost card, there is unbilled work-in-progress of $2,000 and in receivables there is $10,000

They are both “amounts due from customers”, but both are different in nature from each other

OK?

Goodday Sir. May i please know from where to study more on IAS15, because apparently my text has IAS18

Thank you

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