4.3.8 Net Impairment Gains/(Losses) on Financial and Contract Assets
Impairments of financial assets and contract assets which relate to credit risk as per IFRS 9 requirements are recognized in a dedicated line of the income statement: ’Net impairment losses on financial and contract assets’. Impairments resulting from commercial disputes and other business decisions are not included in this dedicated line of the income statement.
During the year, the following gains/(losses) related to credit risks were recognized in this dedicated line:
|
2018 |
2017 |
||
|---|---|---|---|
|
Impairment losses |
|||
|
- Individually impaired receivables (previous accounting policy) |
- |
- |
|
|
- Movement in loss allowance for trade receivables |
(3) |
(1) |
|
|
- Movement in loss allowance for construction work-in-progress |
|||
|
(Impairment)/impairment reversal losses on financial lease receivables |
- |
- |
|
|
(Impairment)/impairment reversal losses on other financial assets |
15 |
- |
|
|
Net impairment gains/(losses) on financial and contract assets |
13 |
(1) |
During the year 2018, the Company recognized a partial impairment reversal of a funding loan provided to an Angolan joint venture. This impairment reversal of US$ 15 million was recognized based on an updated cash flow forecast which included additional cash available at the level of the joint venture.