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Can i know which amount would be shown as current liabilty:
Statement of financial position (extracts) as at:
30 September 2012
$million
Current assets:
Amounts due from customers
Contract costs to date 145
Profit recognised (cumulative 20 + 12) 32
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177
Progress billings (cumulative) (160)
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Amounts due from customers 17
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Contract receivables (160 – 150) 10is it the $10mn or the $17mn?
I presume that there is a “$nil” option!
Both $17 and $10 are current assets
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