Annual report

balances
Closing 
balances
CHF 000s
CHF 000s
2022
Contract assets
1,280
6,528
Contract liabilities
( 23,035)
( 37,288)
Receivables from Customers
6,638
9,194
( 15,117)
( 21,566)
2021
Contract assets
3,355
1,280
Contract liabilities
( 18,407)
( 23,035)
Receivables from Customers
7,204
6,638
( 7,848)
( 15,117)
In 2022, there were no assets recognised from the costs to obtain or fulfil a contract (2021: Nil), and there were no variable 
contract considerations that reduced transaction prices for service income recognised (2021: Nil). The amount included 
within the contract liability opening balance is fully recognised as income during the accounting period. 
2.3 Deferred income and contract liabilities 
 
2022
2021
Current liabilities
CHF 000s
CHF 000s
Deferred income
165,828
154,894
Contract liabilities
37,288
23,035
Statutory contributions received in advance
636
220
203,752
178,149
2022
2021
Non-current liabilities
CHF 000s
CHF 000s
Deferred income
44,283
39,836
Deferred income 
The IFRC is not in a position to reliably determine in which future periods donations, that are deferred due to specific 
contractual obligations under the accounting policy set out in note 2.1, will be recognised as income in the Consolidated 
Statement of Comprehensive Income. Accordingly, all amounts deferred consistent with that accounting policy are 
included in current liabilities, although some amounts may ultimately be recognised as income more than one year after 
the period end date. Non-current liabilities include voluntary contributions and donations that are earmarked for use in a 
future period, more than one year from the period end date. Included within Deferred income above is CHF 38,395k 
(2021: CHF 41,338k) related to non-monetary in-kind donations from host country governments (see note 3.4a).
Contract liabilities 
A contract liability is the obligation to transfer goods or services to a counterparty for which the IFRC has received 
consideration from the counterparty. If a customer pays a consideration before the IFRC transfers goods or services to the 
counterparty, a contract liability is recognized when the payment is made by the counterparty or when the payment is due. 
Contract liabilities are recognized as revenue when IFRC meets its performance obligations under the contract. Included 
within Contract liabilities above is CHF 19,540k (2021: CHF 18,167k) related to service income received in advance for 
the ESSN project (see note 3.2b).