Notes to the Financial Statements Year ended 31 December 2024 2 BASIS OF PREPARATION (continued) 2.4 Use of estimates and judgements (continued) When measuring the fair value of an asset or a liability, the CapitaLand Ascott REIT Group, the CapitaLand Ascott BT Group and the Stapled Group use observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: • Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 : inputs other than quoted prices included in 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). If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement (with Level 3 being the lowest). The CapitaLand Ascott REIT Group, the CapitaLand Ascott BT Group and the Stapled Group recognise transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in Note 32 – financial instruments. 2.5 Adoption of new accounting standards and amendments The CapitaLand Ascott REIT Group, the CapitaLand Ascott BT Group and the Stapled Group have applied the following FRSs or SFRS(I)s, amendments to and interpretations of FRSs/SFRS(I)s for the first time for the annual period beginning on 1 January 2024: • Amendments to SFRS(I) 1-1/FRS 1: Classification of Liabilities as Current or Non-current • Amendments to SFRS(I) 1-1/FRS 1: Non-current Liabilities with Covenants • Amendments to SFRS(I) 1-7/FRS 7 and SFRS(I) 7/FRS 107: Supplier Finance Arrangements • Amendments to SFRS(I) 16/FRS 116: Lease Liability in a Sale and Leaseback The adoption of these new and amended accounting standards did not have a material effect on the financial statements. 156 CapitaLand Ascott Trust
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