IFRS 15 — Revenue from Contracts

Dear tutor, Regarding IFRS 15 - Revenue, i have watched your lectures and understand it quite well thanks to opentuition. However, the part where you taught how to calculate the contract asset/liabilty, is it not updated? Because, I personally attended other tuiton provider but my lecturer stated that the way you calculated them is not updated. Here is for example of what i meant. Bridgenorth has undertaken a $5million contract to repair a railway tunnel.The contract was signed in 1 April 20X8 and the work is expected to take two years.This is a contract where performance obligations are satisfied over time and progress in satisfying performance obligations is to be measured according to % of work completed as certified by a surveyor. Bridgenorth has an enforceable right to payment for performance completed to date At 31 December 20×9 the details of the contract were as follows $'000 —————————————————–20×9———-x0x8 Total contract price—————————-5000——–5000 cost to date————————————-3600——–2300 estimated cost to completion————–700———-2100 work invoiced———————————3000——–2000 cash received——————————–2400——–1500 %certified complete————————–75%——-40% What is the contract asset to be recognised at 31 December 20X9? The answer shown is $1,1250,000. However during my lecture, it was stated that it is not updated and the answer should be $750,000. Thank you in advance.