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Contract Assets/(Liabilities)

12 Months Ended

Dec. 31, 2023

4. Contract Assets/(Liabilities)

Contract assets that have billing terms with unconditional rights to be billed beyond one year are classified as non-current assets.

Contract assets consisted of the following at December 31:

Schedule of Contract Assets

	2022 SGD			2023 SGD			2023 USD
Progress billings to date		21,137,410			26,612,224			19,693,046
Less: Revenue recognized to date		(14,113,469	)		(21,105,331	)		(15,617,945	)
Less: Credit losses		-			(396,528	)		(293,431	)
Contract assets		7,023,941			5,110,365			3,781,670
Contract assets, current		7,023,941			5,110,365			3,781,670

Movement of the allowance for contract assets were as follows:

	December 31, 2022		December 31, 2023			December 31, 2023
	SGD		SGD			USD
Beginning balance		-		-			-
Addition		-		396,528			293,431
Write-off				(396,528	)		(293,431	)
Ending balance		-		-			-

Contract liabilities consisted of the following at December 31:

Schedule of Contract Liabilities

	2022		2023		2023
	SGD		SGD		USD
Billings in advance of performance obligation under contracts		425,332		1,482,957		1,097,388

Contract liabilities related to contracts are balances due to customers under contracts. These arise if a particular milestone payment exceeds the revenue recognized to date under the cost-to-cost method.

The movement in contract liabilities is as follows at December 31:

	2022			2023			2023
	SGD			SGD			USD
Balance at beginning of the period		804,103			425,332			314,746
Decrease in contract liabilities as a result of recognizing revenue during the year was included in the contract liabilities at the beginning of the year		(570,951	)		(418,432	)		(309,639	)
Increase in contract liabilities as a result of billings in advance of performance obligation under contracts		192,180			1,476,057			1,092,281
Balance at end of the period		425,332			1,482,957			1,097,388

FBS GLOBAL LIMITED

Notes to Consolidated Financial Statements