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Contract Assets/(Liabilities) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Contract Assetsliabilities |  |
Contract Assets/(Liabilities) | 4. Contract Assets/(Liabilities) Contract assets consisted of the following: Schedule of Contract Assets
|  | December 31, 2023 |  |  | June 30, 2024 |  |  | June 30, 2024 |
|  | SGD |  |  | SGD |  |  | USD |
Revenue recognized to date |  |  | 26,612,224 |  |  |  | 30,223,079 |  |  |  | 22,365,079 |
Less: Progress billings to date |  |  | (21,105,331 | ) |  |  | (24,917,000 | ) |  |  | (18,438,580 | )
Less: credit losses |  |  | (396,528 | ) |  |  | - |  |  |  | - |
Contract assets |  |  | 5,110,365 |  |  |  | 5,306,079 |  |  |  | 3,926,499 |
Contract assets, net |  |  | 5,110,365 |  |  |  | 5,306,079 |  |  |  | 3,926,499 |
Movement of the allowance for contract assets were as follows: Schedule of Allowance for Contract Assets
|  | December 31, 2023 |  |  | June 30, 2024 |  |  | June 30, 2024 |
|  | SGD |  |  | SGD |  |  | USD |
Beginning balance |  |  | - |  |  |  | - |  |  |  | - |
Addition |  |  | 396,528 |  |  |  | - |  |  |  | - |
Write-off |  |  | (396,528 | ) |  |  | - |  |  |  | - |
Ending balance |  |  | - |  |  |  | - |  |  |  | - |
Contract liabilities consisted of the following: Schedule of Contract Liabilities
|  | December 31, 2023 |  |  | June 30, 2024 |  |  | June 30, 2024 |
|  | SGD |  |  | SGD |  |  | USD |
Billings in advance of performance obligation under contracts |  |  | 1,482,957 |  |  |  | 1,393,890 |  |  |  | 1,031,479 |
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: Schedule of Movement in Contract Liabilities
|  | For the year ended December 31, 2023 |  |  | For the six months ended June 30, 2024 |  |  | For the six months ended June 30, 2024 |
|  | SGD |  |  | SGD |  |  | USD |
Balance at beginning of the period |  |  | 425,332 |  |  |  | 1,482,957 |  |  |  | 1,097,388 |
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 |  |  | (418,432 | ) |  |  | (1,223,140 | ) |  |  | (905,123 | )
Increase in contract liabilities as a result of billings in advance of performance obligation under contracts |  |  | 1,476,057 |  |  |  | 1,134,073 |  |  |  | 839,214 |
Balance at end of the period |  |  | 1,482,957 |  |  |  | 1,393,890 |  |  |  | 1,031,479 |
FBS GLOBAL LIMITED Notes to Condensed Consolidated Financial Statements (Unaudited) | 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 |
Revenue recognized to date |  |  | 21,137,410 |  |  |  | 26,612,224 |  |  |  | 19,693,046 |
Less: Progress billings 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: Schedule of Allowance for Contract Assets
|  | 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: Schedule of Movement in Contract Liabilities
|  | 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

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