Annual report eng.2018

N otes To The Consolidated Financial Statements AL MAZAYA HOLDING K.S.C.P. AND ITS SUBSIDIARIES As At 31 December 2018 119 ANNUAL REPORT 2018 (All amounts are in Kuwaiti Dinars) a- Trade receivables Trade receivables are non-interest bearing and are generally due within 30 days. The aging analysis of these receivables are as follows: b- Provision for doubtful debts: Disclosures relating to the credit risk exposures and analysis relating to the allowance for expected credit losses are set forth in Note (30- b). The comparative for impairment provisions refers to the IAS 39 measurement basis which applied the incurred loss model, whereas the current year applied IFRS 9 which is an expected loss model. The movement on provision for doubtful debts is as follows: 6. Properties held for trading The movement in properties held for trading is as follows: Net realizable value for land and properties held for trading is determined by independent valuer not related to the Group, and based on the same, the impairment loss for the land and properties was recognized and reversed during the year. Properties held for trading mainly comprise of the following: Balance at the beginning of the year Additions Transferred from investment property (Note 12) Disposals Reversal of impairment loss on property held for trading Foreign currency translation adjustments Balance at the end of the year 34,271,531 19,273,024 - )10,985,182( 58,794 )876,758( 41,741,409 69,036,258 15,963,208 3,096,588 )54,355,105( 2,379,486 )1,848,904( 34,271,531 Balance at the beginning of the year under IAS 39 Effect of applying IFRS 9 – Expected credit losses on the opening retained earnings (Note 2 – d) Restated balance as of January 1 Charge for the year (Note 24) Utilized in the year Provision for doubtful debts no longer required Foreign currency translation adjustments Balance at the end of the year 1,835,858 7,203,697 9,039,555 1,587,171 - )37,364( 59,805 10,649,167 1,342,833 - 1,342,833 594,139 )101,114( - - 1,835,858 1,185,108 6,976,804 8,161,912 920,036 - )37,364( 52,411 9,096,995 650,750 226,893 877,643 667,135 - - 7,394 1,552,172 Properties under development Developed properties 2018 2017 20,144,281 21,597,128 41,741,409 27,199,333 7,072,198 34,271,531 Less than 30 days 31 – 60 days 61 – 90 days Trade receivables 91- 180 days Other receivables More than 180 days 2018 2018 2018 Total 2017 2017 2017 3,059,571 78,525 906,684 365,696 1,217,995 5,628,471 1,670,447 107,761 129,288 160,296 712,956 2,780,748