FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 155 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 27 AMOUNTS DUE FROM/(TO) ULTIMATE HOLDING COMPANY, SUBSIDIARIES, JOINT VENTURES, AN ASSOCIATE AND OTHER RELATED COMPANIES (CONTINUED) (a) Reconciliation of loss allowance (continued) Trade amounts due from ultimate holding company, joint ventures and other related companies using simplified approach The loss allowance for trade amounts due from ultimate holding company and other related companies as at 31 December 2023 reconciles to the opening loss allowance balance as follows: Group Non-credit impaired RM’000 Credit impaired RM’000 Total RM’000 Opening loss allowance as at 1 January 2022 5,949 9,804 15,753 Increase/(decrease) in loss allowance (net) 7,876 (3,678) 4,198 Loss allowance as at 31 December 2022/1 January 2023 13,825 6,126 19,951 Decrease in loss allowance (net) (8,523) (3,115) (11,638) Closing loss allowance as at 31 December 2023 5,302 3,011 8,313 The following table contains an analysis of the credit exposure trade amounts due from ultimate holding company and other related companies for which an ECL allowance is recognised, based on individual impairment assessment: Group Non-credit impaired RM’000 Credit impaired RM’000 Total RM’000 31 December 2023 Gross carrying amount 224,078 13,516 237,594 Individual assessment (5,302) (3,011) (8,313) Carrying amount (net of loss allowance) 218,776 10,505 229,281 31 December 2022 Gross carrying amount 444,450 13,237 457,687 Individual assessment (13,825) (6,126) (19,951) Carrying amount (net of loss allowance) 430,625 7,111 437,736 The decrease in the loss allowance for the financial year relates to decrease of ECL from amounts due from ultimate holding company and other related companies due to settlement of the long outstanding amounts during the financial year.
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