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Nettle Ltd is a firm of project managers which supports construction industry projects. It has...

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Accounting

Nettle Ltd is a firm of project managers which supports construction industry projects. It has two contracts (A and B), on which it commenced work in the year to 31 December 20X9; work will not be completed until the year to 31 December 20Y0. Relevant amounts on 31 December 20X9 are:

Contract A B
Costs to date 95,000 45,000
Recognised profits to date 5,500 -
Recognised losses to date - 5,500
Progress payments invoiced to date 90,000 42,000

How much should Nettle disclose as contract assets in accordance with IFRS 15 'Revenue from Contracts with Customers'?

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