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Notes to the
financial statements
For the financial year ended 31 December 2018
134
B A K E R T E C H N O L O G Y
L I M I T E D
28.
Fair value of assets and liabilities (cont’d)
(b)
Assets and liabilities measured at fair value
Group and Company
31.12.2018
31.12.2017
1.1.2017
$’000
$’000
$’000
Financial assets:
Equity securities at fair value t
hrough other comprehensive income
– Corporate bonds (quoted) (Level 1)
1,068
2,130
5,511
– Unquoted equity securities (Level 2)
2,220
–
–
3,288
2,130
5,511
Determination of fair value
Quoted equity instruments:
Fair value is determined directly by reference to their published
market bid price at balance sheet date.
Unquoted equity securities:
Fair value is determined directly by reference to the audited net
asset value of the investment fund company where the fair value of the portfolio investment
are determined using a set of internationally recognised valuation methodologies.
The financial asset was previously accounted for as an available-for-sale before the Group’s
adoption of SFRS(I) 9 on 1 January 2018 as disclosed in Note 28(d).
(c) Assets and liabilities by classes that are not measured at fair value and whose carrying
amounts are reasonable approximation of fair value
The carrying amounts of the trade receivables, deposits, amount due from/(to) subsidiaries,
and trade and other payables are reasonable approximation of fair values, due to their
short-term nature.
(d) Assets and liabilities not measured at fair value and whose carrying amounts are not
reasonable approximation of fair value
Group and Company
31.12.2017
1.1.2017
$’000
$’000
Financial asset:
Available-for-sale financial assets
– Unquoted equity securities
1,326
1,024
Upon adoption of SFRS(I) 9 as at 1 January 2018, the financial asset was redesignated to
be carried at fair value. Its fair value as at 31 December 2018 is as disclosed in Note 28(b).