Notes to the financial statements
Year ended 31 March 2016
32 Classification and fair value of financial instruments
The carrying amounts and fair values of financial assets and liabilities, including their levels in fair value hierarchy, are
shown in the tables below. 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.
Valuation processes applied by the Group
The Group has an established control framework with respect to the measurement of fair values. This framework includes
a team that has overall responsibility for all significant fair value measurements, including Level 3 fair values.
The team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as
broker quotes, pricing services or external valuations, is used to measure fair value, then the team assesses and documents
the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of
FRS, including the level in the fair value hierarchy the resulting fair value estimate should be classified.
Fair value hierarchy
The fair values of financial assets and liabilities, including their levels of fair value hierarchy are set out below. It does not
include the fair value information of financial assets and liabilities not measured at fair value if the carrying amount is at
reasonable approximation of fair value.
During the financial years ended 31 March 2016 and 31 March 2015, there were no transfers from Level 1, Level 2 or
Level 3, or vice versa.
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A-REIT ANNUAL REPORT
2015/2016
