Notes to the Financial Statements
31 December 2015
36.
Fair value of assets and liabilities (cont’d)
(c)
Level 3 fair value measurements (cont’d)
Movement in Level 3 assets measured at fair value
* Included a fair value loss of S$2,700,000 for the workers’ dormitory which has been demolished
following the expiry of the land lease in November 2015.
Valuation policies and procedures
7KH *URXSȇV &KLHI )LQDQFLDO 2ɝFHU &)2 RYHUVHHV WKH *URXSȇV ȴQDQFLDO UHSRUWLQJ YDOXDWLRQ SURFHVV DQG
is responsible for setting and documenting the Group’s valuation policies and procedures. In this regard,
the CFO reports to the Group’s ARMC.
)RU DOO VLJQLȴFDQW ȴQDQFLDO UHSRUWLQJ YDOXDWLRQV XVLQJ YDOXDWLRQ PRGHOV DQG VLJQLȴFDQW XQREVHUYDEOH
inputs, it is the Group’s policy to engage external valuation experts to perform the valuation. The CFO
is responsible for selecting and engaging valuation experts that possess the relevant credentials and
knowledge on the subject of valuation, valuation methodologies, and FRS 113 fair value measurement
guidance to perform the valuation.
For valuation performed by external valuation experts, the appropriateness of the valuation methodologies
and assumptions adopted are reviewed along with the appropriateness and reliability of the inputs
(including those developed internally by the Group) used in the valuations.
Group
S$’000
)DLU YDOXH PHDVXUHPHQWV XVLQJ VLJQLȴFDQW XQREVHUYDEOH
inputs (Level 3)
Investment properties:
At 1 January 2015
4,350
Transfer from development property
1,800
Net loss from fair value adjustments
UHFRJQLVHG LQ SURȴW RU ORVV
(2,800)
At 31 December 2015
3,350
At 1 January 2014
8,650
Net loss from fair value adjustments
UHFRJQLVHG LQ SURȴW RU ORVV
(4,300)
At 31 December 2014
4,350
ANNUAL REPORT 2015
91
