Notes to the Financial Statements For the financial year ended 31 December 2024 17 FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES (a) Determination of fair value The following valuation methods and assumptions are used to estimate the fair values of the following significant classes of assets and liabilities: (i) Equity investments designated as at FVOCI The fair value of quoted securities is their quoted bid price at the reporting date. (ii) Loan from a related corporation The carrying amount of loan from a related corporation, which is repriced quarterly, is assumed to approximate the fair value because of the short repricing frequency. (iii) Other financial assets and financial liabilities The carrying amounts of financial assets and financial 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. (b) Accounting classifications and fair values The carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy are shown in the below tables. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. Carrying amount Fair value Note Financial assets designated as at FVOCI Financial assets at amortised cost Financial liabilities at amortised cost Total Level 1 $ $ $ $ $ 31 December 2024 Financial asset measured at fair value Other investments 4 957,186 – – 957,186 957,186 Financial assets and liabilities not measured at fair value Trade and other receivables 5 – 9,710,719 – 9,710,719 Cash and cash equivalents – 1,087,033 – 1,087,033 Trade and other payables* 9 – – (1,617,578) (1,617,578) Loan from a related corporation 10 – – (7,000,000) (7,000,000) – 10,797,752 (8,617,578) 2,180,174 * Excludes GST payables 305 Annual Report 2024
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