Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 309 44. FAIR VALUE (CONT’D) Valuation processes applied by the Group The fair value of land and buildings under property, plant and equipment in 2020 was determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued. The Group revalues its land and buildings every five years or at shorter intervals whenever the fair value of the said assets is expected to differ substantially from the carrying amounts. The fair value of investment properties is determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued. The independent professional valuer provides the fair value of the Group’s investment property annually. Fair value reconciliation of biological assets measured at Level 2 are as follows: The Group 2024 2023 RM RM Biological assets At beginning of year 6,231,392 5,917,360 Changes in fair value 2,848,371 288,344 Effect of movements in exchange rate (810,963) 25,688 At end of year 8,268,800 6,231,392 Policy on transfer between levels The fair value of an asset to be transferred between levels is determined as at the date of the event or change in circumstances that caused the transfer. Transfer between Level 1 and 2 fair values There is no transfer between Level 1 and 2 fair values during the financial year.
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