14.5.3. Trade and other liabilities
SELECTED ACCOUNTING PRINCIPLES
Liabilities
Financial liabilities, including trade liabilities, are initially measured at fair value and subsequently, at amortised cost using the effective interest rate method.
The Group applies simplified methods of valuation of financial liabilities measured at amortized cost if it does not distort information included in the statement of financial position, in particular when the period until settlement of the liability is not long.
Financial liabilities to which the Group applies simplifications are measured at the time of initial recognition and in a later period, including at the end of the reporting period, in the amount due. Other non-financial liabilities are recognized at the amount due.
| 31/12/2021 | 31/12/2020 | |
| Trade liabilities | 11 040 | 6 463 |
| Investment liabilities | 2 282 | 2 027 |
| Other | 537 | 689 |
| Financial liabilities | 13 859 | 9 179 |
| Payroll liabilities | 642 | 619 |
| Excise tax and fuel charge | 2 732 | 2 331 |
| Value added tax | 1 656 | 1 068 |
| Other taxation, duties, social security and other benefits | 430 | 363 |
| Holiday pay accruals | 152 | 137 |
| Other | 340 | 326 |
| Non-financial liabilities | 5 952 | 4 844 |
| 19 811 | 14 023 |
In 2021 and 2020 the line Other in non-financial liabilities relates mainly fee for implementation of the Effort Sharing Decision in the amount of PLN 185 million and PLN 160 million, respectively.
Division of financial liabilities denominated in foreign currencies is presented in note 16.5.2. Division of liabilities from related parties is presented in note 17.6.2.
As at 31 December 2021 and as at 31 December 2020 in the Group there were no material overdue liabilities.
The Group expects that the payment of trade liabilities to contractors will take place no later than twelve months after the end of the reporting period.