2. Significant accounting policies (cont'd.) 2.4 Summary of significant accounting policies (cont'd.) (m) Financial liabilities (cont'd.) Derecognition A financial liability is derecognised when the obligation under the liability is extinguished. When an existing financial liability is replaced by another from the same financier on substantially different terms, or the terms of an existing liability are substantially modified, such as exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. (n) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. (o) Cash and cash equivalents Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of restricted cash as they are considered an integral part of the Group’s and the Fund's cash management. (p) Segment reporting For management purposes, the Group and the Fund are organised into operating segments based on industry which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment managers report directly to the Manager of the Group and the Fund who regularly review the segment results in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note 23, including the factors used to identify the reportable segments and the measurement basis of segment information. (q) Current versus non-current classification The Group and the Fund present assets and liabilities in the statement of financial position based on current/noncurrent classification. An asset is current when it is: - Expected to be realised or intended to be sold and consumed in the normal operating cycle; - Held primarily for the purpose of trading; - Expected to be realised within 12 months after reporting period; or - Cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after reporting period. All other assets are classified as non-current. A L - S A L Ā M R E I T A N N U A L R E P O R T 2 0 2 1 152 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 (CONT’D)
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