PRG Holdings Berhad Annual Report 2020

17. CONTRACT ASSETS/(LIABILITIES) (continued) (b) Contract assets and contract liabilities from property development contracts Group 2020 2019 RM’000 RM’000 Contract assets - 1,451 Contract liabilities (809) - (809) 1,451 At 1 January, as previously reported 1,451 (57,343) Effects of adoption of MFRS 15 - - At 1 January, as restated 1,451 (57,343) Impairment of contract assets - (15) Reversal of impairment loss 15 - Revenue recognised during the year 17,135 3,503 Progress billings (19,410) (5,864) Reclassification to assets held for sale (Note 28) - 61,170 At 31 December (809) 1,451 (c) Contract value yet to be recognised as revenue Revenue amounting to RM3,169,000 (2019: RM2,109,000) is expected to be recognised within next twelve (12) months relating to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. (d) Movements in the 12-month ECL for contract assets are as follows: Group 2020 2019 RM’000 RM’000 At 1 January 43 - Charge for the financial year 12 43 Reversal of impairment of contract assets (15) - At 31 December 40 43 PRG HOLDINGS BERHAD 144 Notes to the Financial Statements 31 December 2020 cont’d