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hello and welcome to this session in which we will discuss the concept of contract asset and contract liability now from the word contract usually what we are dealing with is Construction contract or long-term project that doesnt have to be construction but some sort of a project thats going to take several years and thats why the word contract is there because usually when you have a long-term project you will sign a contract between two parties and as a result we could have a contract asset or a contract liability now the best way to illustrate this concept of contract asset and contract liability is to walk you through an example illustrating how these accounts come into place how these accounts such as contract asset contract liabilities are created so lets assume I entered into a non-cancelable agreement and thats important non-cancelable to build the customized equipment for half a million and the customer is Adam company so thats the deal the agreement stipulate that I wi