142 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 28 CONTRACT ASSETS The Group’s contract assets relating to the provision of construction and IT services as at financial year end can be summarised as follows: Group 2022 RM’000 2021 RM’000 Contract assets At 1 January 43,994 29,431 Performance obligations performed 42,925 56,214 Transfer from contract assets to receivables (37,639) (41,651) 49,280 43,994 Loss allowance (1,982) (1,843) At 31 December 47,298 42,151 Reconciliation of loss allowance Contract assets amounts using simplified approach The loss allowance for contract asset as at 31 December 2022 reconciles to the opening loss allowance for that provision as follows: Non-credit impaired RM’000 Credit mpaired RM’000 Total RM’000 Loss allowance as at 1 January 2021 1,551 - 1,551 Increase in loss allowance 292 - 292 Loss allowance as at 31 December 2021 1,843 - 1,843 Increase in loss allowance 139 - 139 At 31 December 2022 1,982 - 1,982 The following table contains an analysis of the credit exposure of contract assets for which an ECL allowance is recognised, based on individual impairment assessment: Group Non-credit impaired RM’000 Credit impaired RM’000 Total RM’000 31 December 2022 Gross carrying amount 49,280 - 49,280 Loss allowance (1,982) - (1,982) Carrying amount (net of loss allowance) 47,298 - 47,298 31 December 2021 Gross carrying amount 43,994 - 43,994 Loss allowance (1,843) - (1,843) Carrying amount (net of loss allowance) 42,151 - 42,151
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