Hi pb, without getting too caught up in accounting principles, firstly revenue must be able to be reliably measured and be expected to be collected before being able to be recognised/booked. If, after being booked, it is found to have a reduced expectation of collection, then the bad debt provisions come into play ... but we still only see the net receivable on the balance sheet.
So I would argue that the revenue hasn't been booked yet, and therefore the receivable hasn't been booked (the other side of double-entry accounting). I believe that NWH's actual expected outcome is to recover margin on the original contract, but whether this amount is great than expenses for the additional work remains to be seen.
PoorCharlie
NWH buyback?, page-28
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