Wah Seong Corporation Berhad Annual Report 2021 166 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 18 AMOUNTS OWING BY/(TO) ASSOCIATES (a) Amounts owing by associates Current Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Trade accounts - 14,115 - - Advances 3,603 3,523 59 38 3,603 17,638 59 38 Less: Allowance for impairment loss (3,555) (158) (43) (38) 48 17,480 16 - Non-current Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Trade accounts 24,267 - - - Less: Allowance for impairment loss (3,991) - - - 20,276 - - - Trade accounts are unsecured, interest free and recoverable within the normal credit period. The advances are unsecured, interest free and recoverable on demand. The movements in the Group’s and the Company’s allowance for impairment loss of amount owing by associates during the financial year are as follows: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 At 1 January 158 - 38 - Impairment loss recognised 7,386 158 5 38 Effect of exchange rate changes 2 - - - At 31 December 7,546 158 43 38 Amounts owing by associates are denominated in USD and MYR. The Group has no significant exposure to foreign currency risk for the amounts owing by associates. The Company’s amounts owing by associates is non-trade in nature, unsecured, interest free and recoverable on demand. As at 31 December 2021 and 31 December 2020, the Company has no exposure to foreign currency risk for the amounts owing by associates. (b) Amounts owing to associates In the financial year ended 31 December 2020, the Group’s amounts owing to associates is non-trade in nature, unsecured, interest free and repayable on demand. The Group has no significant exposure to foreign currency risk for the amounts owing to associates.
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