✨ Financial Statements
2 AUGUST 2011 NEW ZEALAND GAZETTE, No. 116 3245
Financial Statements
Notes to the financial statements (In New Zealand Dollars ($000’s))
18 Financial instruments (continued)
Fair value hierarchy
NZ IFRS 7 requires that the classification of financial instruments at fair value through profit and loss be determined by reference to the source of inputs used to derive the fair value. This classification uses the following three-level hierarchy:
- Level 1 — quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2 — inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)
- Level 3 — inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The fair value of the financial instruments as well as methods used to estimate the fair values are summarised in the following table:
| 2011 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Financial Assets | |||
| Investments | 346,851 | 114,385 | 19,851 |
| Derivatives | — | — | — |
| 346,851 | 114,385 | 19,851 | |
| Financial Liabilities | |||
| Derivatives | — | 1,945 | — |
| — | 1,945 | — |
| 2010 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|
| Financial Assets | |||
| Investments | 345,540 | 92,777 | 33,118 |
| Derivatives | — | 323 | — |
| 345,540 | 93,100 | 33,118 | |
| Financial Liabilities | |||
| Derivatives | — | 2,547 | — |
| — | 2,547 | — |
Reconciliation of Level 3 financial assets
| Group 2011 | Group 2010 | |
|---|---|---|
| Opening balance | 33,118 | 62,159 |
| Purchases | 3,623 | 1,706 |
| Sales | (15,433) | (26,482) |
| Total gains and losses recognised in other comprehensive income | (1,457) | (4,265) |
| Closing balance | 19,851 | 33,118 |
| Total gains and losses for assets held at end of the year | (1,457) | (4,265) |
There were no transfers between categories in the year.
Disclosures in respect of the valuation techniques used are made in note 4.
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NZ Gazette 2011, No 116
✨ LLM interpretation of page content
💰
Canterbury Community Trust Financial Statements
(continued from previous page)
💰 Finance & RevenueFinancial Instruments, Fair Value Hierarchy, Level 1, Level 2, Level 3, Investments, Derivatives, Reconciliation