FGV Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 267 01 02 05 03 07 06 04 08 09 ANNUAL INTEGRATED REPORT 2018 EXAMINED OUR NUMBERS 26 RECEIVABLES (CONTINUED) The receivables are denominated as follows: Group Company 31.12.2018 RM’000 31.12.2017 RM’000 1.1.2017 RM’000 31.12.2018 RM’000 31.12.2017 RM’000 1.1.2017 RM’000 - Ringgit Malaysia 909,195 965,202 1,104,054 17,306 19,579 22,267 - United States Dollar 365,264 457,900 687,562 - - - - Indonesian Rupiah 8,777 8,880 58,283 - - - - Chinese Yuen Renminbi 22,380 22,641 10,878 - - - - Thai Baht 3,036 4,957 8,957 - - - - Pakistan Rupee 377 1,410 843 - - - - Singapore Dollars 495 229 320 - - - - Great Britain Pound 953 327 22 - - - - Others 1,595 487 - - - - 1,312,072 1,462,033 1,870,919 17,306 19,579 22,267 The credit terms of trade receivables are up to 90 days (31.12.2017: 90 days; 1.1.2017: up to 90 days). (a) Reconciliation of loss allowance (i) Trade receivables using simplified approach The loss allowance for trade receivables as at 31 December 2018 reconciles to the opening loss allowance for that provision as follows: Non-credit impaired RM’000 Credit impaired RM’000 Total RM’000 At 1 January before restatement – calculated under FRS 139 5,892 110,130 116,022 Amounts restated through opening retained earnings 5,688 2,752 8,440 Opening loss allowance as at 1 January 2018 – calculated under MFRS 9 11,580 112,882 124,462 Increase in loss allowance recognised in profit or loss during the year 3,361 63,710 67,071 Write-offs during the year - (2,092) (2,092) Recoveries during the year (319) (2,152) (2,471) Foreign exchange movements - (1,058) (1,058) At 31 December 14,622 171,290 185,912 In the previous financial years, the loss allowance was recognised based on FRS 139’s incurred loss model.