NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT’D) 16. CONTRACT ASSETS/(LIABILITIES) The contract assets and contract liabilities as at 31 March 2024 and 31 March 2023 were not impacted by significant changes in contract terms. THE GROUP 2024 2023 RM’000 RM’000 Net carrying amount of contract assets/(liabilities) is analysed as follows:- At 1 April - contract assets 348,129 293,323 - contract liabilities (40,485) (89,079) Property development and construction revenue recognised on performance obligation during the financial year 1,299,443 1,072,721 Less: Billings during the financial year (1,341,679) (969,321) At 31 March 265,408 307,644 At 31 March - contract assets (Note 15) 289,668 348,129 - contract liabilities (Note 26) (24,260) (40,485) 265,408 307,644 (a) Contract assets represent the Group’s rights to consideration for property development activities carried out but not billed at the end of the reporting period. This balance will be billed progressively in the future upon the fulfilment of contractual milestones notwithstanding the control of the properties under development has not been transferred to buyers. (b) Contract liabilities represent the excess of progress billings to buyers over revenue recognised in profit or loss at the end of the reporting period. (c) The following table shows revenue expected to be recognised in the future relating to performance obligations that are unsatisfied (or partially unsatisfied) at the reporting date:- THE GROUP 2025 2026 2027 2024 RM’000 RM’000 RM’000 Property development revenue 488,959 189,392 46,678 Education service 1,704 – – Membership fee 280 – – 490,943 189,392 46,678 FINANCIAL STATEMENTS 181 INTEGRATED ANNUAL REPORT 2024
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