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Dear Sir,
Please advise difference between (contract assets/liabities) & (financial assets/liabities).
Not a lot, really, considering that ordinary trade payables and receivables are also, technically, within the realms of IFRS 9
But it’s normally the case that the effects of IFRS 9 are ignored for the purposes of contract asset and liability calculations … at least, in an F7 exam scenario!
OK?
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