30. Trade and other payables

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are classified as current liabilities unless TMF Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

Deferred income

Fixed fees received in advance across all the service lines and up-front fees in respect of services due under the contract period which is primarily in line with the calendar year, are time-apportioned to respective accounting periods. Those billed but not yet earned are included in deferred income in the balance sheet. There is limited judgement applicable for longer term contracts. All transaction prices are included in the client contracts and therefore agreed upfront. The allocation is based on the timing of the performance obligations.

The expected reversal of the deferred income is shown in the following table:

Employee benefits

This includes the bonus payable, holiday allowance, vacation days payable, pension premiums and other employee benefit payables.

Accrued expenses

The accrued expenses include invoices to be received from suppliers related to marketing expenses, office expenses, professional fees and others.