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Note 7.4: Fair Value Measurement
Fair value measurements at the end of the reporting period
Cash on hand or on deposit
Total Financial assets
Right of use assets - Buildings - at amortised cost
Property, plant and equipment - approximate to fair value
Total non-financial assets
Financial liabilities (approximate to fair value)
Trade creditors and accruals
Lease liabilities - Buildings - at amortised cost
Total financial liabilities
Employee provisions (approximate to fair value)
Total non-financial liabilities
Following initial recognition at cost, property, plant and equipment is carried at fair value less subsequent accumulated depreciation and accumulated impairment losses.
Valuations are conducted with sufficient frequency to ensure the carrying amounts of assets do not differ materially from the assets’ fair values as at the reporting date. The regularity of independent valuations depends upon the volatility of movements in market values for the relevant assets.
The Commission's assets are held for operational purposes and not held for the purposes of deriving a profit. The current use of all non-financial assets is considered their highest and best use.
The Commission's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. There have been no transfers between level 1 and level 2 of the hierarchy during the year.
Financial liabilities are held at amortised cost. At 30 June, they are approximate to fair value.