Page 81 - English

Movements in the allowance for impairment of accounts receivable are as follows:
2015 USD ‘000
2014 USD ‘000
Balance at 1 January
83
17
Charge for the year
-
83
Write-off
(83)
(17)
Balance at 31 December
-
83
The ageing of unimpaired financial assets is as follows:
2015
2014
Total USD’000
249
155
Neither past due nor impaired USD’000
249
155
0to60days USD’000
Past due but not impaired
-
-
60 to 90 days USD’000
-
-
> 90 days USD’000
-
-
Unimpaired financial assets are expected, on the basis of past experience, to be fully recoverable. It is not the practice of the Regulatory Authority to obtain collateral over receivables.
7. Cash and cash equivalents
Cash and cash equivalents included in the statement of cash flows consist of the following:
2015 USD ‘000
2014 USD ‘000
Cash on hand
-
1
Bank balances*
26,144
25,592
26,144
25,593
*These represent deposits with banks held for the purpose of meeting short-term cash commitments, having interest rates up to 2% (2014: 1.5%).
8. Equity
General reserve
There were no movements
in the general reserve for the year ended 31 December 2015 (2014: USD 10,607,950 has been transferred from the general reserve account to retained surplus account).
Any transfer of amounts to and from the general reserve requires the approval of the Board of Directors.
Retained surplus
In accordance with Article 14 of the Qatar Financial Centre Law No. 7 of 2005, the Board of Directors has the right to retain the excess appropriations from
the Government. This surplus can be used for any activities of the Regulatory Authority.
79