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TRADE AND OTHER RECEIVABLES | 12 Months Ended
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Dec. 31, 2024
Trade and other current receivables [abstract] |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Trade and other receivables consisted of the following items as of December 31:
|  | 2024 | 2023
Trade receivables (gross)* |  | 583 |  | 508 |
Expected credit losses |  | (131) |  | (96) |
Trade receivables (net) |  | 452 |  | 412 |
Other receivables, net of expected credit losses allowance** |  | 11 |  | 130 |
Total trade and other receivables *** |  | 463 |  | 542 |
* Includes contract assets (unbilled receivables), see Note 3 for further details. ** Other receivables as of December 31, 2023, includes consideration receivable for tower sale in Bangladesh which was subsequently received in 2024. Refer Note 10 for further details. *** Total trade and other receivables includes balances of US$283 million (2023: US$259 million) relating to banking operations in Pakistan. The following table summarizes the movement in the allowance for expected credit losses for the years ended December 31:
|  | 2024 | 2023
Balance as of January 1 |  | 96 |  | 84 |
Divestment of a subsidiary |  | (1) |  | — |
Accruals for expected credit losses |  | 57 |  | 35 |
Recoveries |  | (8) |  | (8) |
Accounts receivable written off |  | (8) |  | (6) |
Reclassification as held for sale |  | (1) |  | — |
Foreign currency translation adjustment |  | (3) |  | (9) |
Other movements |  | (1) |  | — |
Balance as of December 31 |  | 131 |  | 96 |
Set out below is the information about the Group’s trade receivables (including contract assets) using a provision matrix:
|  |  | Days past due |
| Unbilled Receivables | Current | < 30 days | Between 31 and 120 days | > 120 days | Total
December 31, 2024 |  |  |  |  |  |
Expected loss rate, % | 4.3 | % | 3.3 | % | 16.7 | % | 41.5 | % | 98.8 | % |
Trade receivables | 46 |  | 330 |  | 60 |  | 65 |  | 82 |  | 583 |
Expected credit losses | (2) |  | (11) |  | (10) |  | (27) |  | (81) |  | (131) |
Trade receivables, net | 44 |  | 319 |  | 50 |  | 38 |  | 1 |  | 452 |
December 31, 2023 |  |  |  |  |  |
Expected loss rate, % | 0.0 | % | 1.9 | % | 10.6 | % | 50.0 | % | 98.5 | % |
Trade receivables | 40 |  | 317 |  | 47 |  | 36 |  | 68 |  | 508 |
Expected credit losses | — |  | (6) |  | (5) |  | (18) |  | (67) |  | (96) |
Trade receivables, net | 40 |  | 311 |  | 42 |  | 18 |  | 1 |  | 412 |
ACCOUNTING POLICIES Trade and other receivables Trade and other receivables are measured at amortized cost and include invoiced/contractual amounts less expected credit losses. Expected credit losses The expected credit loss allowance (“ECL”) is recognized for all receivables measured at amortized cost at each reporting date. This means that an ECL is recognized for all receivables even though there may not be objective evidence that the trade receivable has been impaired. VEON applies the simplified approach (i.e. provision matrix) for calculating a lifetime ECL for its trade and other receivables, including unbilled receivables (contract assets). The provision matrix is based on the historical credit loss experience over the life of the trade receivables and is adjusted for forward-looking estimates if relevant. The provision matrix is reviewed on a quarterly basis. Refer to Note 19 for our credit risk management policy.

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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