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Contract assets and liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Contract assets and liabilities

Contract assets consisted of the following at December 31:

		2020				2019
		US$’000				US$’000
Unbilled revenue			202				441

Contract liabilities consisted of the following at December 31:

		2020				2019
		US$’000				US$’000
Deferred revenue			1,063				869

The following table provides information about contract assets and contract liabilities from contracts with customers:

		December 31,
		2020				2019
		US$’000				US$’000
Contract assets			202				441
Contract liabilities			(1,063	)			(869	)
Net contract liabilities			(861	)			(428	)

Net (liability) / asset position for contracts in process

The net liabilities position for contracts in process consisted of the following at December 31:

		2020				2019
		US$’000				US$’000
Cost and estimated earnings on uncompleted contracts			1,904				5,150
Less: billings to date			(2,765	)			(5,578	)
			(861	)			(428	)

The net liabilities position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows at December 31:

		2020				2019
		US$’000				US$’000
Unbilled revenue			202				441
Deferred revenue			(1,063	)			(869	)
			(861	)			(428	)

ZHEJIANG TIANLAN

Contract assets and liabilities

Contract assets consisted of the following at December 31:

		2020				2019
		RMB’000				RMB’000
Unbilled revenue			94,494				80,961

Contract liabilities consisted of the following at December 31:

		2020				2019
		RMB’000				RMB’000
Deferred revenue			47,135				55,898

The following table provides information about contract assets and contract liabilities from contracts with customers at December 31:

		2020				2019
		RMB’000				RMB’000
Contract assets			94,494				80,961
Contract liabilities			(47,135	)			(55,898	)
Net contract assets			47,359				25,063

Net (liability) / asset position for contracts in process

		2020				2019
		RMB’000				RMB’000
Costs and estimated earnings on uncompleted contracts			406,064				433,195
Less: billings to date			(358,705	)			(408,132	)
			47,359				25,063

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- References

No definition available.

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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

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