AUDITED FINANCIAL STATEMENTS 2022 169 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 51 CONTRACT LIABILITIES Group 2022 RM’000 2021 RM’000 Contract liabilities At 1 January 132,340 104,168 Revenue recognised that was included in the contract liability balance at the beginning of financial period (129,316) (97,554) Cash received/amount billed for unfulfilled obligations 106,335 125,726 At 31 December 109,359 132,340 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 2022 RM’000 2021 RM’000 Revenue recognised that was included in the contract liability balance at the beginning of the period - Sales of palm products 93,814 54,299 - Sales of other commodities and by-products 22,570 16,770 - Provision of services 2,544 20,777 - Others 10,388 5,708 129,316 97,554 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 RM109,359,000 (2021: RM132,340,000). 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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