176 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 8. DEFERRED TAX ASSETS/(LIABILITIES) (CONT’D) Tax consequences of proposed dividends There are no income tax consequences (2022: $Nil) attached to the dividends to the shareholders proposed by the Company but not recognised as a liability in the financial statements (Note 34). 9. CONTRACT ASSETS AND CONTRACT LIABILITIES Information about contract assets and contract liabilities from contracts with customers is disclosed as follows: Group 2023 2022 $’000 $’000 Contract assets 124,765 93,793 Contract liabilities (96,703) (39,588) 28,062 54,205 The Group has not recognised any impairment losses on receivables arising from contracts with customers for the year ended 31 December 2023 (2022: $Nil). Contract assets primarily relate to the Group’s right to consideration for work completed but not yet billed at reporting date for project revenue. 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 received from customers for project revenue. Contract liabilities are recognised as revenue as the Group performs the work under the contract.
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