Note 27 Construction contracts
Worked-up income not yet invoiced
|Worked-up income on incomplete contracts||36,706||29,525|
|Invoiced sales on incomplete contracts||-34,325||-26,869|
Invoiced income not yet worked-up
|Invoiced sales on incomplete contracts||45,467||39,710|
|Worked-up income on incomplete contracts||-39,210||-33,801|
Worked-up income from ongoing contracts is reported by applying the percentage of completion method. The degree of recognition is calculated on the basis of the project costs incurred at the end of the period in relation to the project costs corresponding to the project income for the whole project.
Contract assignments are reported in gross on the balance sheet project for project, either as Worked-up income not yet invoiced in current assets or as Invoiced income not yet worked-up in current liabilities. Projects that have higher worked-up income than the amounts invoiced are reported as assets, while projects that have been invoiced for more than the income worked-up are reported as liabilities.