PRG Holdings Berhad Annual Report 2019

ANNUAL REPORT 2019 145 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 cont’d 16. CONTRACT ASSETS/(LIABILITIES) (continued) (b) Contract assets and contract liabilities from property development contracts Group 2019 2018 RM’000 RM’000 Contract assets 1,451 - Contract liabilities - (57,343) 1,451 (57,343) At 1 January, as previously reported (57,343) - Effects of adoption of MFRS 15 - (81,003) At 1 January, as restated (57,343) (81,003) Impairment of contract assets (15) - Revenue recognised during the year 3,503 45,575 Progress billings (5,864) (21,915) Reclassification to assets held for sale (Note 26) 61,170 - At 31 December 1,451 (57,343) (c) Contract value yet to be recognised as revenue Revenue amounted to RM2,109,000 expected to be recognised within next twelve (12) months relating to performance obligations that are unsatisfied (or partial unsatisfied) at the end of the reporting period. (d) Movements in the 12-month ECL for contract assets are as follows: Group 2019 2018 RM’000 RM’000 At 1 January - - Charge for the financial year 43 - At 31 December 43 -