NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
Note 4: Receivables (continued) To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates used are based on previous experience adjusted for expectations of relevant factors. The Group utilises its credit department and external debt recovery practices when required to recover outstanding debts. Once a debt becomes unrecoverable, the Group will write it off however debts that are not yet considered unrecoverable may
remain in the impairment loss allowance and continue to be monitored. The movement in the provision for impairment can be reconciled as follows:
2022 $
2021 $
Balance 1 July
100,000
100,000
Impairment loss provided for / (reversed)
9,542
-
Receivables written off during the year as uncollectable
(9,542)
-
100,000
100,000
Analysis of trade receivable ageing and impairment is set out below.
Expected Loss Rate Total receivable
Impairment
2022 Current receivables
2,847,670
(28,537)
1%
Past due: Less than 1 month past due 1 to 2 months past due 2 to 3 months past due More than 3 months past due
1,118,335
(55,917) (6,339) (2,433) (6,774)
5%
63,392 24,327 45,502
10% 10% 15%
(100,000)
Total
4,099,226
- -
Non-current receivables
0%
21,800 21,800
Total
Expected Loss Rate Total receivable
Impairment
2021 Current receivables
2,975,903
(38,246)
1%
Past due: Less than 1 month past due Less than 2 months past due Less than 3 months past due More than 3 months past due
965,091
(48,255)
5%
9,737
(9,737)
100%
-
-
3,762
(3,762)
100%
Total
3,954,493
(100,000)
Non-current receivables
0%
50,000 50,000
- -
Total
54 I GO VITA GROUP LIMITED ANNUAL REPORT 2021-2022
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