Note 15. Accrued expenses and other payables
Accrued expenses and other payables consist of the following:
|Personnel related items||20,967||21,898|
|Financing related items||344||3,106|
|Total accrued expenses and other payables||38,168||47,572|
Personnel related items comprise accrued management bonuses, accrued vacation days, accrued wage tax, social securities and pension premiums. Deferred revenue consists of the revenue relating to the undelivered elements of the arrangements. This part of revenue is deferred at their relative selling prices until delivery of these elements. Financing related items as of December 31, 2014 comprises the accrual for settlement of shares repurchased. Other include accruals for VAT and other taxes and down payments from customers.