34. CONTRACT LIABILITIES Group 2021 2020 RM’000 RM’000 Non-current Deferred license fees (Note 34(a)) 133,206 135,052 Current Deferred license fees (Note 34(a)) 4,697 4,586 Deferred income (Note 34(b)) 14,151 17,189 Contract liabilities from property development (Note 34(c)) 28,368 27,127 47,216 48,902 Total contract liabilities 180,422 183,954 (a) Deferred license fees Group 2021 2020 RM’000 RM’000 Cost At 1 January 220,953 216,719 Additions 2,962 4,234 At 31 December 223,915 220,953 Accumulated amortisation At 1 January 81,315 76,729 Amortisation during the financial year (Note 9) 4,697 4,586 At 31 December 86,012 81,315 Carrying amount 137,903 139,638 Represented by: Current 4,697 4,586 Non-current 133,206 135,052 137,903 139,638 The deferred license fees refer to accrual and amortisation of license fees over 40 years which will expire on 9 October 2051. 34. CONTRACT LIABILITIES (CONT’D.) (b) Deferred income The deferred income of the Group is in respect of advance tuition fees received by the private school operator. It will be recognised as revenue upon services performed. (c) Contract liabilities from property development Group 2021 2020 RM’000 RM’000 At 1 January 27,127 153,279 Revenue recognised during the financial year (4,213) (346,983) Progress billings issued during the financial year 5,454 214,581 Non-refundable deposit received in relation to land sale – 6,250 At 31 December 28,368 27,127 Revenue from property development activities are recognised over time using the input method, which is based on the actual incurred to date on the property development project as compared to the total budgeted cost for the respective development projects. FINANCIAL STATEMENTS NOTES TO THE For the financial year ended 31 December 2021 Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 324 325
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