NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 17 AMOUNTS OWING BY ASSOCIATES Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Current Advances 3,409 3,603 - 59 Less: Allowance for impairment loss (3,285) (3,555) - (43) 124 48 - 16 Non-current Trade accounts 25,677 24,267 - - Less: Allowance for impairment loss (25,677) (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 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 At 1 January 7,546 158 43 38 Impairment loss recognised 21,378 7,386 - 5 Impairment loss reversed (108) - (43) - Bad debt written off - - - - Effect of exchange rate changes 146 2 - - At 31 December 28,962 7,546 - 43 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. Wah Seong Corporation Berhad Annual Report 2022 170
RkJQdWJsaXNoZXIy NDgzMzc=