I'm rather curious at Note 7 - Page 49 of the 2020 Report:
7 Contract revenue movements
Revenue recognised included in contract liability at the
beginning of the period 2020 - (5,325) ; 2019 - 1,781
Construction contracts
Contract assets - 2020 - $2,949 ; 2019 $2,927
Contract liabilities - 2020 - $(9,457) 2019 - $(8,252)
Net contract liabilities - 2020 $(6,508) ; 2019 - $(5,325)
What do you make of these ?
- How does the Liability arise ?
- Doing a Contract for third parties - surely would produce an Asset, sooner or later receivable at some point
for such work from the third party
- A Liability - surely suggests an element of payment received in advance or maybe something else ?