Under the percentage$-$of$-$completion method, how should earned but unbilled revenues on a long$-$term contract be disclosed on the statement of financial position?

$$ in a note to the financial statements until the customer is formally billed for the portion of work completed

$$ as contract asset$/$liability in the current asset section

as contract asset$/$liability in the noncurrent asset section

$$ as a receivable in the noncurrent asset section