NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 2 BASIS OF PREPARATION (CONT’D) 2.5 Use of estimates and judgements (cont’d) Information about critical judgements and accounting estimates in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is described in the following notes: • Note 2.3 – Use of going concern assumption • Note 5 – Measurement of expected credit losses (“ECLs”) for trade receivables • Note 6 – Valuation of investment properties and asset held for sale • Note 10 – Fair value of derivatives Measurement of fair values A number of the Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group uses third-party appraisal firms and financial institutions to perform valuations. The Manager assesses and documents the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of IFRS Accounting Standards, including the level in the fair value hierarchy in which such valuations should be classified. When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1: for unadjusted prices quoted in active markets for identical assets or liabilities; • Level 2: for inputs, other than quoted prices included in Level 1, that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and • Level 3: for inputs that are based on unobservable market data. These unobservable inputs reflect the Group’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances (which might include the Group’s own data). If inputs of different levels are used to measure the fair value of an asset or liability, the classification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. / 112 / EXPANDING HORIZONS
RkJQdWJsaXNoZXIy NTM2MDQ5