128 129
27.
Financial risk management (continued)
Financial risk factors (continued)
(b)
Credit risk (continued)
(ii)
Financial assets that are past due and/or impaired
There is no other class of financial assets that is past due and/or impaired except for trade receivables and
advances recoverable.
The age analysis of trade receivables and advances recoverable past due but not impaired is as follows:
2015
2014
$'000
$'000
Past due 0 to 3 months
2,896
3,630
Past due over 3 months
2,889
1,927
5,785
5,557
The carrying amounts of trade receivables and advances recoverable determined to be impaired and the
movement in the related allowance for impairment are as follows:
2015
2014
$'000
$'000
Gross amount
5,815
4,920
Less: Allowance for impairment
(5,815)
(4,920)
–
–
Beginning of financial year
4,920
4,983
Currency translation difference
327
(439)
Allowance made
693
376
Allowance written back
(125)
–
End of financial year
5,815
4,920
The Group establishes an allowance for impairment that represents its estimate of incurred losses of trade and
other receivables. This allowance is a specific loss component that relates to individually significant exposures.
The allowance account in respect of trade and other receivables is used to record impairment losses unless
the Group is satisfied that no recovery of the amount owing is possible. At that point, the financial asset is
considered irrecoverable and the amount charged to the allowance account is written off against the carrying
amount of the impaired financial asset.
