Founded in 1987, Huawei is a leading global provider of information and communications

       
115
20 Contract assets
(CNY million)
2020
2019
Gross carrying amount
53,924
53,389
Less: loss allowances (note 21(b))
(322)
(377)
53,602
53,012
Non-current portion
1,648
2,200
Current portion
51,954
50,812
53,602
53,012
Contract assets relate to the Group’s rights to consideration for performance obligations that have been satisfied 
but not billed, primarily from Carrier Business and Enterprise Business contracts. Contract assets are transferred 
to receivables when the right to payment becomes unconditional, other than the passage of time. This usually 
occurs when the Group issues an invoice to the customer in accordance with the billing milestones agreed in the 
contract, which are generally upon passing of the product acceptance tests.
Significant changes in the gross balances of contract assets during the year are as follows:
(CNY million)