CGG | CIK:0001037962 | 3

  • Filed: 3/29/2018
  • Entity registrant name: CGG (CIK: 0001037962)
  • Generator: Donnelley Financial Solutions
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1037962/000119312518101439/0001193125-18-101439-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1037962/000119312518101439/cgg-20171231.xml
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  • ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory

    12 — Trade accounts and Notes receivable

    In the Contractual Data Acquisition and Geology, Geophysics & Reservoir (“GGR”) segments, customers are generally large national or international oil and gas companies, which management believes reduces potential credit risk.

    In the Equipment segment, a significant portion of sales is paid by irrevocable letters of credit.

    The Group maintains an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Credit losses have not been material for the periods presented and have consistently been within management’s expectations.

    Recoverable costs and accrued profit not billed comprise amounts of revenue recognized under the percentage of completion method on contracts for which billings had not been presented to the contract owners. Such unbilled accounts receivable are generally billed over the 30 or 60 days after services has been delivered.