Table:
|  | As of December 31, |  |
| --- | --- | --- |
|  | 2018 | 2019 |
| Trade receivables | 808 | 9,463 |
| VAT receivable | 1,094 | 637 |
| Accrued income | 9,473 | 8,274 |
| Insurance claims | 1,282 | 1,400 |
| Other receivables | 7,587 | 5,126 |
| Total | 20,244 | 24,900 |
Paragraphs:
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
9. Trade and Other Receivables
Trade and other receivables consist of the following:
Trade and other receivables are amounts due from third parties for services performed in the ordinary course of business. They are generally due for settlement immediately and therefore are all classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional unless they contain certain significant financing components, at which point they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method.
Accrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yet invoiced are included under Other receivables.
As of December 31, 2018 and 2019 no allowance for expected credit losses was recorded.
Question:
What does accrued income represent?
Answer: Accrued income represents net revenues receivable from charterers, which have not yet been invoiced