notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
22 AMOUNTS OWING BY/(TO) JOINT VENTURES (CONTINUED)
(a)
Amounts owing by joint ventures (continued)
The movements in the allowance for impairment loss on the Group’s amounts owing by joint ventures during the financial year are as follows:
Group
2014
2013
RM'000
RM'000
At 1 January
451
424
Impairment loss recognised
120
9
Effect of exchange rate changes
21
18
At 31 December
592
451
The Group’s amounts owing by joint ventures exposure to foreign currency (a currency which is other than the functional currency of the Group entities) risk,
based on carrying amounts as at the end of the financial year, was:
Group
2014
2013
RM'000
RM'000
- United States Dollar
30,373
23,551
- China Renminbi
5,396
4,258
- Euro Dollar
5,382
3,716
41,151
31,525
Advances made to joint ventures are unsecured, interest free and are recoverable on demand.
The Company’s amount owing by a joint venture relates to an advance which is unsecured, interest free and recoverable on demand. As at 31 December 2014
and 31 December 2013, the Company has no exposure to foreign currency risk for the amount owing by joint ventures.
(b)
Amount owing to a joint venture
The Group’s amount owing to a joint venture relates to an advance denominated in Ringgit Malaysia, unsecured, interest free and repayable on demand.
130
Wah Seong Corporation Berhad • Annual Report 2014
