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7. Prepayments and other current assets

12 Months Ended

Dec. 31, 2016

Prepayments and other current assets

Prepayment and other current assets mainly represent deposits for purchases and services, rental and utilities deposits, and prepaid expenses.

		2016				2015
		US$’000				US$’000
Cost & estimated earnings in excess of billings			343				144
Deposit paid			70				57
Prepayment			221				59
Other receivables			156				214
Other tax recoverable			25				26
			815				500

ZHEJIANG JIAHUAN

Prepayments and other current assets

		2016				2015
		RMB’000				RMB’000
Prepayments and other receivables			11,994				13,039
Deposits			3,448				4,433
			15,442				17,472

ZHEJIANG TIANLAN

Prepayments and other current assets

Prepayment and other current assets mainly represent deposits for bidding projects, deposits for purchases and services and prepaid expenses.

		2016				2015
		RMB’000				RMB’000
Cost and estimated earnings in excess of billing			70,786				97,640
Prepayment			24,100				13,828
Other receivables			14,851				8,090
Other current assets			1,320				-
			111,057				119,558

The other current assets also include cost of estimated earnings in excess of billing.

Cost and estimated earnings in excess of billings

		2016				2015
		RMB’000				RMB’000
Contracts costs incurred plus estimated earnings			389,534				160,634
Less: Progress billings			(318,748	)			(62,994	)
Cost and estimated earnings in excess of billings			70,786				97,640

X

- Definition

Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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