Serba Dinamik Annual Report 2018

283 SERBA DINAMIK HOLDINGS BERHAD ANNUAL REPORT 2018 N O T E S T O T H E F I N A N C I A L S TAT E M E N T 34. Significant changes in accounting policies (continued) 34.3 ccounting for revenue (continued) 34.3.2 Presentation of contract assets and contract liabilities When adopting MFRS 15, the Group has changed the presentation of certain amounts in the financial positions. Upon transition to MFRSs, it requires separate presentation of contract balances in the statement of financial position. Contract balances generally comprise: • Contract assets are mainly the right to consideration for works completed but yet billed to customers. Contract assets represents the excess of cumulative revenue recognised (net of variable consideration) over cumulative billings to-date. • Contract liabilities are the obligations to transfer goods or services to the customers which the Group has received the consideration or has billed the customers in advance of the performance.