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CONTRACT BALANCES | 6 Months Ended
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Dec. 31, 2019
Revenue |
CONTRACT BALANCES | The timing of revenue recognition, billings and collections may result in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities). The Company’s payment terms and conditions vary by contract type, although terms generally include a requirement of payment of 70% to 90% of total contract consideration within 30 to 60 days of shipment, with the remainder payable within 30 days of acceptance. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that its contracts generally do not include a significant financing component. Contract assets were recorded under other receivable while contract liabilities were recorded under accrued expenses in the balance sheet. The following table is the reconciliation of contract balances.
|  | Dec. 31, 2019 (Unaudited) |  | Jun. 30, 2019
Trade Accounts Receivable |  |  | 6,937 |  |  |  | 7,113 |
Accounts Payable |  |  | 3,565 |  |  |  | 3,272 |
Contract Assets |  |  | 431 |  |  |  | 419 |
Contract Liabilities |  |  | 733 |  |  |  | 501 |
Remaining Performance Obligation As at December 31, 2019, the Company had $900 of remaining performance obligations, which represents our obligation to deliver products and services. Given the profile of contract terms, approximately 53.3 percent of this amount is expected to be recognized as revenue over the next two years, remaining of the amount is expected to be recognized between three and five years. Refer to note 15 “Business Segments” of the Notes to Condensed Consolidated Financial Statements for information related to revenue.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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