FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 163 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 32 CONTRACT ASSETS The Group’s contract assets relating to the provision of IT services and service rendered as at financial year end can be summarised as follows: Group 2023 RM’000 2022 RM’000 Contract assets At 1 January 49,280 43,994 Performance obligations performed 42,260 42,925 Transfer from contract assets to receivables (63,940) (37,639) 27,600 49,280 Loss allowance (1,461) (1,982) At 31 December 26,139 47,298 Reconciliation of loss allowance Contract assets amounts using simplified approach The loss allowance for contract asset as at 31 December 2023 reconciles to the opening loss allowance for that provision as follows: Non-credit impaired RM’000 Credit impaired RM’000 Total RM’000 Loss allowance as at 1 January 2022 1,843 - 1,843 Increase in loss allowance 139 - 139 Loss allowance as at 31 December 2022 1,982 - 1,982 Decrease in loss allowance (521) - (521) At 31 December 2023 1,461 - 1,461
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