Registration No. 200301030845 (633265-K) - 99 - 14. Contract Assets/(Liabilities) (Cont’d) Service contracts (Cont’d) A contract liability is recognised when the Group bills in advance to customers for supply of goods or services and subsequently released to revenue recognised when the corresponding stage of completion is achieved. 2022 2021 RM RM Contract liabilities At 1 January 1,054,960 1,553,500 (1,054,960) (1,553,500) 1,763,996 1,054,960 At 31 December 1,763,996 1,054,960 Revenue recognised that was included in the contract liability balance at the beginning of the year Increases due to cash received, excluding amounts recognised as revenue during the year Group As of the reporting date, revenue expected to be recognised in the future relating to performance obligations that are unsatisfied (or partially unsatisfied) is RM1,763,996 (2021: RM1,054,960). 177 ANNUAL REPORT 2022 DESTINI BERHAD
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