Excel Force MSC Berhad Annual Report 2015

NOTES TO THE FINANCIAL STATEMENTS 31 December 2015 (cont’d) E X C E L F O R C E M S C B E R H A D • A N N U A L R E P O R T 2 0 1 5 86 20. TRADE AND OTHER PAYABLES Group Company 2015 2014 2015 2014 RM RM RM RM Current Trade payables Third parties 245,340 680,907 201,053 657,698 Other payables Other payables 402,137 194,080 295,302 140,920 Accruals 1,426,024 1,312,962 1,135,805 1,052,369 Advance billings 1,503,882 1,214,629 581,655 651,043 Amount owing to a subsidiary - - - 79,110 3,332,043 2,721,671 2,012,762 1,923,442 3,577,383 3,402,578 2,213,815 2,581,140 (a) Trade payables are non-interest bearing and the normal trade credit terms granted to the Group and the Company is 60 days (2014: 60 days) from the date of invoice. (b) Included in other payables are advance billings in relation to services not rendered during the financial year amounting to RM1,503,882 and RM581,655 (2014: RM1,214,629 and RM651,043) of the Group and of the Company respectively. (c) Included in accruals of the Group and the Company are payroll related accruals amounting to RM960,232 and RM732,602 respectively (2014: RM955,201 and RM730,869 respectively). (d) In the previous financial year, the amount owing to a subsidiary was unsecured, interest-free and payable upon demand in cash and cash equivalents. (e) The trade and other payables are denominated in Ringgit Malaysia (‘RM’). (f) Information on financial risks of trade and other payables is disclosed in Note 33 to the financial statements. 21. DEFERRED TAX LIABILITIES Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same taxation authority. The following amounts are shown in the statements of financial position: Group Company 2015 2014 2015 2014 RM RM RM RM Deferred tax liabilities 76,671 346,047 76,671 305,009