MKH Annual Report 2019

183 M K H B e r h a d 21. CONTRACT ASSETS AND LIABILITIES (CONT’D) Revenue from property development activities is recognised over time using the cost-based input method, which is measured on the basis of the Group’s efforts or inputs to the property development costs incurred to date relative to the total expected property development costs. The transaction price allocated to the unsatisfied performance obligations as at 30 September 2019 is RM1,115,128,882. The remaining performance obligations are expected to be recognised within the remaining 4 years. The Group has applied the practical expedient in MFRS 15 whereby the transaction price allocated to unsatisfied or partially unsatisfied performance obligations as at 30 September 2018 is not disclosed. 22. BIOLOGICAL ASSETS The Group 2019 2018 RM RM (Restated) Net Book Value At beginning of year 5,960,459 5,041,948 Changes in fair value (1,170,893) 1,533,164 Effect of movements in exchange rate 392,168 (614,653) At end of year 5,181,734 5,960,459 The biological assets of the Group comprise fresh fruit bunches (“FFB”) prior to harvest. Management has considered FFB less than 15 days before harvesting in the calculation of fair value. FFB more than 15 days before harvesting are excluded from the valuation as their fair values are considered negligible. The fair value measurement of the biological assets is valued using present value of net cashflows expected to be generated from the sale of FFB, adjusted for estimated oil content of unharvested FFB, less harvesting, transport and other costs to sell and is categorised within Level 3 of the fair value hierarchy is disclosed in Note 42. During the financial year, the Group harvested approximately 459,222 metric tonnes (“MT”) of FFB (30.9.2018: 464,774 MT; 1.10.2017: 397,569 MT). 23. CASH, BANK BALANCES, TERM DEPOSITS AND FIXED INCOME FUNDS The Group 30.9.2019 30.9.2018 1.10.2017 RM RM RM Deposits with licensed banks 10,325,296 12,611,412 8,830,105 Cash and bank balances 128,387,261 106,698,370 132,260,508 Cash held under housing development accounts 241,678,107 78,206,979 91,347,222 Fixed income funds:  Redeemable at call 8,862,827 1,476,808 10,378,499  Redeemable upon 1 day notice 13,643,057 17,953,612 11,183,738  Redeemable upon 5 days notice 2,259,458 10,779,035 10,609,703 405,156,006 227,726,216 264,609,775 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2019