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Ascott Residence Trust
Annual Report 2015
33 Fair value of assets and liabilities
(continued)
(b) Accounting classifications and fair values
(continued)
The following table shows the carrying amounts and fair values of significant non-financial assets,
including their values in the fair value hierarchy.
Fair value
Note
Level 1
$’000
Level 2
$’000
Level 3
$’000
Total
$’000
Group
31 December 2015
Serviced residence properties
4
–
– 4,289,711 4,289,711
Assets held for sale
13
–
–
84,207
84,207
–
– 4,373,918 4,373,918
31 December 2014
Serviced residence properties
4
–
– 3,724,036 3,724,036
Assets held for sale
13
–
–
87,403
87,403
–
– 3,811,439 3,811,439
Trust
31 December 2015
Serviced residence properties
4
–
–
563,091 563,091
31 December 2014
Serviced residence properties
4
–
–
558,693 558,693
(c) Level 3 fair value measurements
(i) Reconciliation of Level 3 fair value
The following table presents the reconciliation from the beginning balances to the ending balances
for Level 3 fair values.
Group
$’000
Trust
$’000
Serviced residence properties
Balance at 1 January 2015
3,724,036 558,693
Acquisition of subsidiaries and serviced residence properties
461,618
–
Capital expenditure
38,138
157
Divestments of serviced residence properties
(48,175)
–
Transfer from plant and equipment
683
–
Translation difference
38,668
–
Balance at 31 December 2015
4,214,968 558,850
Gains and losses for the year
Net change in fair value recognised in statement of total return
78,460
4,241
Assets written off
(3,717)
–
Balance at 31 December 2015
4,289,711 563,091
