163 AUDITED FINANCIAL STATEMENTS 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 52 CONTRACT LIABILITIES Group 2021 2020 RM’000 RM’000 Contract liabilities At 1 January 104,168 77,623 Revenue recognised that was included in the contract liability balance at the beginning of financial period (97,554) (63,222) Cash received/amount billed for unfulfilled obligations 125,726 89,767 At 31 December 132,340 104,168 Revenue recognised in relation to contract liabilities: The following table shows how much of the revenue recognised in the current reporting period relates to carried forward contract liabilities. Group 2021 2020 RM’000 RM’000 Revenue recognised that was included in the contract liability balance at the beginning of the period – Sales of palm products 54,299 41,651 – Sales of other commodities and by-products 16,770 15,036 – Provision of services 20,777 2,335 – Construction contract – 664 – Others 5,708 3,536 97,554 63,222 The aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting date, of which the Group expects to recognise in the next 12 months is RM132,340,000 (2020: RM104,168,000). All other contracts are for periods of one year or less or are billed based on time incurred. As permitted under MFRS 15, the Group applied the practical expedient in MFRS 15 and did not disclose information about recognising performance obligations that have original expected duration of one year or less.
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