200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 4. Revenue (cont'd) (b) Contract assets and contract liabilities 2024 2023 RM RM Receivables from contracts with customers (Note 20) 518,237,796 382,772,295 Contract assets 383,546,716 282,196,733 Contract liabilities 45,915,638 (20,015,968) Contract assets that are impaired 2024 2023 RM RM Contract assets - nominal amounts 190,000 25,581,137 Less: Allowance for impairment (190,000) (25,581,137) - - Movement in allowance accounts: 2024 2023 RM RM At 1 January 25,581,137 25,581,137 Reversal of impairment loss (Note 6) (25,391,137) - At 31 December 190,000 25,581,137 Group Group The Group's contract assets that are impaired at the reporting date and the movement of the allowance accounts used to record the impairment is as follows: Contract liabilities primarily relate to the Group's billings in advance at the reporting date. Contract liabilities are reversed and revenue is recognised as work is completed. Contract assets primarily relate to the Group's right to consideration for work completed but not yet billed at the reporting date. Contract assets are transferred to receivables when the rights become unconditional. Group Information about receivables, contract assets and contract liabilities from contracts with customers is disclosed as follows: - 40 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 132
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