Indian Gaming Association Notes to Financial Statements
Note 4: Contract Balances Contract assets and liabilities from trade show, membership dues and fees for services are included in accounts receivable and deferred revenue. The timing of billings, cash collections, and revenue recognition result in contract assets and liabilities associated with revenue from exchange transactions. Contract assets are recognized only to the extent it is probable that IGA will collect substantially all of the consideration to which it is entitled in exchange for the goods or services that have been transferred. Contract liabilities consist entirely of deferred revenue that results when IGA receives trade show payments and membership dues before revenue is recognized. Such revenue is recognized when all criteria are subsequently met. Balances in these accounts as of the end (which equals the beginning of the prior year) of the years ended December 31, 2025 and 2024 are as follows:
2025
2024
Accounts receivable, gross Less: Allowance for credit losses
$
144,950 $
42,765 (2,750) 40,015
-
$
144,950 $
Accounts receivable, net
Contract assets, gross
$
47,350 $
- - -
Less: Allowance for credit losses
(47,350)
$
- $
Contract assets, net
$ 2,300,263 $ 2,323,383
Deferred revenue (Contract liabilities)
18
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