196 Notes to the Consolidated Financial Statements 31 December 2023 22. TRADE RECEIVABLES (continued) An aging analysis of the trade receivables as at 31 December 2023 and 2022, based on the invoice date and net of loss allowance, is as follows: As at 31 December 2023 As at 31 December 2022 US$’000 US$’000 Within 90 days 510,818 347,924 91 to 180 days 6,347 3,904 Over 180 days 15,696 1,660 Total 532,861 353,488 The movements in the impairment of trade receivables are as follows: As at 31 December 2023 As at 31 December 2022 US$’000 US$’000 At beginning of year 15,039 — Impairment losses 470 15,017 Exchange re-alignment (379) 22 At end of year 15,130 15,039 The Group has applied the simplified approach to providing impairment for trade receivables prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the ECLs, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The ECLs below also incorporate forward-looking information. The impairment as of 31 December 2023 and 2022 is determined as follows: As at 31 December As at 31 December 2023 2022 Current Current Expected credit loss rate 2.76% 4.08% Gross carrying amount (US$’000) 547,991 368,527 Impairment (US$’000) 15,130 15,039 STRENGTH IN UNITY
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