33 FAIR VALUE OF ASSETS AND LIABILITIES
(continued)
(a) Determining fair value
(continued)
(vi) Other financial assets and liabilities
The carrying amounts of financial assets and liabilities with a maturity of less than one
year (including trade and other receivables, cash and cash equivalents, and trade
and other payables) are assumed to approximate their fair values because of the
short period to maturity. All other financial assets and liabilities are discounted to
determine their fair values.
Where discounted cash flow techniques are used, estimated future cash flows are
based on management’s best estimates and the discount rate is a market-related rate
for a similar instrument at the reporting date.
Notes to the Financial Statements
Year ended 31 December 2014
192 | Ascott Residence Trust Annual Report 2014
