Page 124 - Annual Report 2019
P. 124
121 ANNUAL REPORT 2019 QFC REGULATORY AUTHORITY FINANCIAL STATEMENTS
7. Accounts Receivable and Prepayments
2019 2018
USD ‘000 USD ‘000
Financial penalties receivable (Note 12) 54,921 -
Amount due from related parties – current 2,961 963
Interest receivables 537 474
Prepaid expenses 485 486
Other receivables 140 65
59,044 1,988
Amount due from related parties classified as follows:
2019 2018
USD ‘000 USD ‘000
Current portion 2,961 963
Non-current portion 3,803 2,485
Amount due from related parties* (Note 15) 6,764 3,448
* Effective from 1 January 2017, the QFC Regulatory Authority resolved to recognise employee
end of service benefit-related liabilities in the financial statements. As at 31 December
2019, USD 3,948 thousand has been recognised as provision for employee end of service
benefits (2018: USD 2,639 thousand). The same amount has been recognised as receivables
from the Ministry of Finance based on a confirmation letter received from the Ministry to
compensate the QFC Regulatory Authority for the payment of the end of service benefits.
