Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 257 23. CONTRACT ASSETS AND CONTRACT LIABILITIES The Group 2024 2023 RM RM Contract assets 293,775,202 323,629,930 Contract liabilities (13,950,359) (5,497,971) Net 279,824,843 318,131,959 At beginning of year 318,131,959 299,377,627 Consideration paid/payable to customers 31,252,774 91,579,036 Revenue recognised during the year (Note 4) 579,304,751 586,910,905 Progress billing during the year (648,864,641) (659,735,609) At end of year 279,824,843 318,131,959 Revenue from property development activities is recognised over time using the input method, which is based on the actual cost incurred to date on the property development project as compared to the total budgeted cost for the respective development projects. The transaction price allocated to the unsatisfied performance obligations as at 30 September 2024 is RM547,257,479 (2023: RM841,187,269). The remaining performance obligations are expected to be recognised within the remaining 4 years (2023: 4 years). There was no impairment loss recognised on contract assets at the reporting date. 24. CONTRACT COST ASSETS The Group 2024 2023 RM RM At beginning of year 26,617,381 28,236,676 Additions during the year 8,210,222 18,164,382 Amortised during the year (Note 5) (18,531,279) (19,783,677) At end of year 16,296,324 26,617,381 Contract costs consist of sales commission and agency fees paid to intermediaries to secure contracts with customers. These costs are subsequently expensed off as cost of sales by reference to the performance completed to date, consistent with the revenue recognition pattern. There was no impairment loss in relation to the cost capitalised.
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