Table:
|  | 2019 | 2018 |
| --- | --- | --- |
|  | $ million | $ million |
| Neither impaired nor past due | 115.3 | 99.8 |
| Past due but not impaired: |  |  |
| – Less than 30 days overdue | 8.6 | 16.8 |
| – 30 to 60 days | 3.6 | 3.2 |
| – Over 60 days | 1.2 | 3.6 |
| Trade receivables | 128.7 | 123.4 |
Paragraphs:
30. Financial instruments and financial risk management continued
b) Credit risk continued
The composition of trade receivables at 31 December is as follows:
The Group closely monitors amounts due from customers and performs activities such as credit checks and reviews of payment history and has put in place appropriate credit approval limits. Based on these procedures, management assessed the quality of those receivables that are past due but not impaired as low risk.
The receivables’ provision is based on expected credit losses. The movement on the provision during the year is given in note 20. The value of impaired trade receivables is $1.4 million (2018 $0.9 million). For all other financial assets, the maximum exposure to credit risk is represented by the carrying amount.
Question:
What is the receivables' provision based on?
Answer: expected credit losses