16. CONTRACT ASSETS/(LIABILITIES) (continued) (b) Contract assets and contract liabilities from property development contracts Group 2021 2020 RM’000 RM’000 Contract assets 12,902 - Contract liabilities - (809) 12,902 (809) At 1 January (809) 1,451 Impairment of contract assets (197) - Reversal of impairment loss - 15 Revenue recognised during the year 56,724 17,135 Progress billings (42,196) (19,410) Fair value adjustment (620) - At 31 December 12,902 (809) (c) Contract value yet to be recognised as revenue Revenue amounting to RM2,270,000 (2020: RM3,169,000) is expected to be recognised within next twelve (12) months relating to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. (d) Movements in the 12-month ECL for contract assets are as follows: Group 2021 2020 RM’000 RM’000 At 1 January 40 43 Charge for the financial year 200 12 Reversal of impairment of contract assets - (15) At 31 December 240 40 NOTES TO THE FINANCIAL STATEMENTS 147 P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 31 December 2021 (cont’d)
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