19. TRADE AND OTHER RECEIVABLES (CONTINUED) Trade and other receivables are denominated in the following currencies: Group Company 2024 2023 2022 2024 2023 $’000 $’000 $’000 $’000 $’000 (Restated) (Restated) Singapore dollar 27,443 36,264 69,350 29,998 12,414 United States dollar 32,950 31,409 26,154 – – Japanese yen – – 13 – – Maldives rufiyaa 41 41 41 – – 60,434 67,714 95,558 29,998 12,414 20. CONTRACT ASSETS AND CONTRACT LIABILITIES Group 2024 2023 2022 $’000 $’000 $’000 (Restated) (Restated) Contract assets 28,754 22,347 38,514 Contract liabilities 16,244 3,155 997 During the financial year, the Group has recognised a reversal on loss allowance on contract assets arising from contracts with customers amounting to $283,000 (2023: $714,000). Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date for building construction contracts. Contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to the Group’s obligation to transfer goods or services to customers for which the Group has received advances from customers for building construction contracts. Contract liabilities are recognised as revenue as the Group fulfils its performance obligations under the contract. a) Significant changes in contract assets are explained as follows: Group 2024 2023 2022 $’000 $’000 $’000 (Restated) (Restated) Contract assets reclassified to receivables (3,571) (31,525) (37,309) Changes in measurement of progress 9,270 10,514 42,967 b) Significant changes in contract liabilities are explained as follows: Group 2024 2023 2022 $’000 $’000 $’000 (Restated) (Restated) Changes in measurement of progress 13,089 2,158 2,866 110 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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