notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
33 TRADE AND OTHER PAYABLES (CONTINUED)
The Group’s other payables 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
- Norwegian Kroner
28,567
3,715
- United States Dollar
7,955
2,770
- Euro Dollar
3,437
7,745
- Singapore Dollar
1,968
493
- Japanese Yen
969
-
- Ringgit Malaysia
686
844
- Indonesian Rupiah
518
812
- United Arab Emirates Dirham
-
259
- Others
167
24
44,267
16,662
Other payables and accruals balances of the Company are denominated in Ringgit Malaysia.
34 PROVISION FORWARRANTIES
Group
2014
2013
RM’000
RM’000
At 1 January
8,236
10,526
Addition
3,221
6,649
Utilisation
(360)
(9,229)
Effect of exchange rate changes
464
290
At 31 December
11,561
8,236
The Group recognises the estimated liability to repair or replace products when the underlying products or services are sold. It is expected that most of these costs will
be incurred over the warranty period which extends up to 4 years. Provision for warranties is calculated based on historical warranty data and specific circumstances
related to products or services sold, after considering the various possible outcomes against their associated probabilities.
142
Wah Seong Corporation Berhad • Annual Report 2014
