Martac – Revenue contract over time

@anniebabe said:
Martac Construction is building a new shopping centre for $220m. This is a contract whereby performance obligations are satisfied over time. satisfaction of performance obligations is measured by certificates of % completion. At the end of the first year the contract had been 60% completed at a cost of $90m and invoices to customer of $100m had been received. It is estimated that the contract will cost a further $80m to complete.

What figure should Martac show on sofp at end of year one under contract assets?

I had answered $20m = but the correct answer was $32m

my workings were:-
Contract 220,000
costs to date -90,000
costs to complete -80,000
expected profit 50,000

p&L
Revenue (220*60%) 132,000
COS (90+80)*60% -102,000
Profit 30,000

sofp
costs to date 90,000
profit 30,000
invoiced -100,000
contract asset 20,000 sofp current asset

but they have done receivables
Revenue 132,000
invoiced -100,000
receivables 32,000

Where am i going wrong here? i thought they just wanted the asset figure?

What you have done is correct. The standard allows alternative treatments and is not prescriptive about what has to e done on the SFP, hence the different treatment/answer.