The correct statements are: - It is important to distinguish between a contract asset and a receivable because it provides financial statement users with relevant information about the risks associated with the entity’s rights. - A contract asset and an IFRS 9 Financial Instruments receivable are both subject to the risk of non-performance, but an IFRS 9 Financial Instruments receivable is also subject to the credit risk.

According to IFRS 15, a contract asset arises when the entity has transferred goods or services to a customer but the right to payment is conditional on factors other than the passage of time. While both contract assets and receivables represent rights to future cash flows, they differ in the nature of those rights and the associated risks. Distinguishing between these balance sheet items is crucial for transparency and to understand the specific risks associated with each, as contract assets typically involve performance obligations yet to be fulfilled, while receivables typically represent unconditional rights to payment. An IFRS 9 Financial Instruments receivable, being a financial instrument, is subject not only to non-performance risk but also to credit risk, as the counterparty may default on the payment.