SECTION 4: FINANCIAL PERFORMANCE 222Registration No: 199301009307 (264044-M) 84 31. FINANCIAL INSTRUMENTS (CONT’D) 31.3 Fair value of financial instruments The carrying amounts of short term receivables and payables, cash and cash equivalents and short term borrowings approximate their fair values due to the relatively short term nature of these financial instruments and insignificant impact of discounting. Fair value hierarchy The Group classifies fair value measurement using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. As at reporting date, the Group disclosed the fair value of the following financial instruments:- During the reporting year ended 31 December 2023 and 31 December 2022 there were no transfers between the hierarchy fair value measurement. Fair value of financial instruments carried at fair value Fair value of financial instruments carried at fair value Fair value of financial instruments carried at fair value Carrying amount Level 1 Level 2 Level 3 RM’000 RM’000 RM’000 RM’000 Group 2023 Financial asset Other investment 26,655 17 - 26,672 Financial liability Term loans - - 14,980 20,314 2022 Financial asset Other investment - 17 - 17 Financial liability Term loans - - 16,787 18,393
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