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I can explain Contract Asset
Revenue earned under a contract before you have an unconditional invoice right.
A contract asset is an entity's right to consideration for goods or services already transferred when that right is conditioned on something other than the passage of time (for example remaining performance).
Sticky trick
When the only wait is time, reclassify to receivable; until then, it's a contract asset.
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In plain English, what is Contract Asset?
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