178 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 11. TRADE AND OTHER RECEIVABLES (CONT’D) Trade receivables arise from contracts with customers and are non-interest bearing and are generally on 30-day to 120-day terms (2022: 30-day to 120-day terms). They are recognised at their original invoice amounts which represent their fair values on initial recognition. Trade and other receivables denominated in foreign currencies other than functional currencies of respective entities at 31 December are as follows: Group 2023 2022 $’000 $’000 United States Dollars 5,192 4,907 None of the Company’s trade and other receivables are denominated in foreign currencies. Staff advances Staff advances are unsecured and non-interest bearing. Expected credit losses The movement in allowance for expected credit losses of trade receivables and contract assets computed based on lifetime ECL are as follows: Group Trade receivables 2023 2022 $’000 $’000 Movement in allowance accounts At 1 January 1,494 1,181 Charge for the year, net 3,179 550 Acquisition of subsidiaries 108 36 Written off (181) (226) Currency realignment (109) (47) At 31 December 4,491 1,494 There is no expected credit loss made on the Company’s trade receivables on 31 December 2022 and 31 December 2023.
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