KBS Fashion Group Ltd | CIK:0001546383 | 3

  • Filed: 4/30/2018
  • Entity registrant name: KBS Fashion Group Ltd (CIK: 0001546383)
  • Generator: Ez-XBRL
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1546383/000121390018005204/0001213900-18-005204-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1546383/000121390018005204/kbsf-20171231.xml
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    • ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory

    29.TRADE AND OTHER PAYABLES

     

       As at December 31, 
       2017  2016 
     Trade payables  104,258   78,994 
     Employee benefits payable  226,210   207,671 
     Other payables  1,648,060   1,531,532 
     Subtotal financial liabilities  1,978,528   1,818,197 
     Other taxes payable  3,473,302   2,956,431 
        5,451,830   4,774,628 

     

    The fair value of trade and other payables have not been disclosed as, due to their short duration, management considers the carrying amounts recognized in the consolidated statements of financial position to be reasonable approximation of their fair values.

     

    Trade payables comprise amounts outstanding for trade purchase. The average credit period is 30 days from the time when the services are rendered by or goods received from suppliers. The aging analysis of trade payables is as follows:

     

       As at December 31, 
       2017  2016 
            
     Current  23,587   31,083 
     Past due for less than 4 months  57,637   16,211 
     Past due for over 4 months  23,034   31,700 
        104,258   78,994 

     

    The Company was granted a credit term of 30 days. The balances past due were mainly for the Company’s high bargaining power.