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New Zealand Gazette – 2013 – No. 98

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✨ Financial Statements Notes

2622 NEW ZEALAND GAZETTE, No. 98 5 AUGUST 2013

Otago Community Trust

Notes to the financial statements

For the year ended 31 March 2013

Significant accounting policies (continued)

(c) Trade and other receivables

The fair value of trade and other receivables is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date.

(d) Derivatives

The fair value of forward exchange contracts is based on their listed market price, if available. If a listed market price is not available, then fair value is estimated by discounting the difference between the contractual forward price and the current forward price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).

The fair value of interest rate swaps is based on broker quotes. Those quotes are tested for reasonableness by discounting estimated future cash flows based on the terms and maturity of each contract and using market interest rates for a similar instrument at the measurement date.

(e) Fair value hierarchy

For those instruments recognised at fair value in the balance sheet, fair values are determined according to the following hierarchy:

Quoted market price (level 1) – Financial instruments with quoted prices for identical instruments in active markets.
Valuation technique using observable inputs (level 2) – Financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant inputs are observable.
Valuation technique with significant non-observable inputs (level 3) – Financial instruments valued using models where one or more significant inputs are not observable.

The Trust’s managed investments are classified as level 2. There were no transfers between different levels and no financial instruments fall under level 1. Changing the value assumption to a reasonable possible alternative would not significantly change fair value.

Gazette.govt.nz — NZ Gazette 2013, No 98

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✨ LLM interpretation of page content

🏢 Otago Community Trust Financial Statements (continued from previous page)

Domain🏢 State Enterprises & Insurance
KeywordsFinancial statements, Accounting policies, Trade receivables, Derivatives, Fair value hierarchy, Otago Community Trust

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