177 ANNUAL REPORT 2022 2. Significant accounting policies (cont’d.) 2.4 Summary of significant accounting policies (cont’d.) (q) Current versus non-current classification The Group and the Fund present assets and liabilities in the statement of financial position based on current/ non-current 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 liability is current when: - It is expected to be settled in the normal operating cycle; - It is held primarily for the purpose of trading; - It is due to be settled within 12 months after reporting period; or - There is no unconditional right to defer the settlement of the liability; for at least twelve months after reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. (r) Fair value measurement The Group and the Fund measure financial instruments such as derivatives and investment property at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (i) In the principal market for the asset or liability; or (ii) In the absence of a principal market, in the most advantageous market for the asset or liability The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. NOTES TO THE FINANCIAL STATEMENTS 31 December 2022 (cont’d.)
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