Industrias Bachoco S.A.B. de C.V. | CIK:0001044896 | 3

  • Filed: 4/27/2018
  • Entity registrant name: Industrias Bachoco S.A.B. de C.V. (CIK: 0001044896)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1044896/000114420418023204/0001144204-18-023204-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1044896/000114420418023204/bachocob-20171231.xml
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    • ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory

    (9)
    Accounts receivable, net
     
    As of December 31, 2017, 2016 and 2015, accounts receivable are as follows:
     
     
     
    December 31,
     
     
     
    2017
     
    2016
     
    2015
     
    Trade receivables
     
    $
    2,673,705
     
     
    2,482,077
     
     
    1,867,104
     
    Allowance for doubtful accounts
     
     
    (96,900)
     
     
    (97,400)
     
     
    (81,641)
     
    Other receivables
     
     
    22,403
     
     
    140,265
     
     
    76,787
     
    Government grant
     
     
    -
     
     
    -
     
     
    40
     
    Income tax receivable
     
     
    57,186
     
     
    115,428
     
     
    143,517
     
    Recoverable value-added tax and other recoverable taxes
     
     
    970,484
     
     
    988,774
     
     
    527,620
     
     
     
    $
    3,626,878
     
     
    3,629,144
     
     
    2,533,427
     
     
    Past-due but not impaired portfolio
     
    Below is a classification of trade accounts receivable according to their aging as of the reporting date, which has not been subject to impairment:
     
     
     
    December 31,
     
     
     
    2017
     
    2016
     
    2015
     
    Past due 0 to 60 days
     
     
    200,413
     
     
    164,458
     
     
    129,315
     
    Past due by more than 60 days
     
     
    6,190
     
     
    3,395
     
     
    3,443
     
     
     
    $
    206,603
     
     
    167,853
     
     
    132,758
     
     
    The Company believes that non-impaired amounts that are past-due by more than 60 days can still be collected, based on the historical behavior of payments and analysis of credit ratings of customers.
     
    Reconciliation of movements in allowance for doubtful accounts
     
     
     
    2017
     
    2016
     
    2015
     
    Balance as of January 1
     
    $
    (97,400)
     
     
    (81,641)
     
     
    (76,793)
     
    Increase in allowance
     
     
    (14,800)
     
     
    (18,405)
     
     
    (17,179)
     
    Amounts written off
     
     
    15,287
     
     
    2,818
     
     
    12,454
     
    Currency translation effect
     
     
    13
     
     
    (172)
     
     
    (123)
     
    Balance as of December 31,
     
    $
    (96,900)
     
     
    (97,400)
     
     
    (81,641)
     
     
    As of December 31, 2017, 2016 and 2015 the Company has receivables in legal proceedings (receivables for which legal counsel is seeking recoverability) of $141,636, $130,290 and $103,057, respectively.
     
    To determine the recoverability of an account receivable, the Company considers any change in the credit quality of the account receivable from the date of authorization of the credit line to the end of the reference period. In addition, the Company estimates that the credit risk concentration is limited as the customer base is very large and there are no related party receivables or receivables from entities under common control.