Page 208 - 香港房屋協會 Hong Kong Housing Society Annual Report 2020/2021
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HONG KONG HOUSING SOCIETY ANNUAL REPORT 2020/21
5. Financial risk management objectives and policies (continued)
(d) Financial assets and liabilities measured at fair value (continued)
Valuation techniques and inputs used in Level 1 and 2 fair value measurements
Investments whose values are based on quoted market prices in active markets, and therefore classified within Level 1, include active listed equities, exchange traded derivatives, government treasury bills and certain sovereign obligations.
Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment- grade corporate bonds, sovereign obligations and certain unit trusts. As Level 2 investments include positions that are not traded in active markets and/ or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non- transferability, which are generally based on available market information.
The Level 3 includes financial instruments which values are based on unobservable inputs. These are mostly unit trusts. Their net asset values are provided by respective administrators of the unit trust.
Movement of Level 3 fair value measurements of financial assets is as follows:
5. 財務風險管理目標及政策(續) (d) 財務資產及負債按公允價值
計量(續) 第一級及第二級公允價值計量
所使用之估值方法及數據
按活躍市場報價估值而劃歸為第 一級的投資,包括活躍上市股 票、交易所買賣衍生工具、政府 國庫債券及若干主權債務。
凡在不視為活躍市場內買賣但按 市場報價、交易商報價或利用可 觀察數據的其他定價來源的財務 工具都劃歸為第二級。該等工具 包括投資級別的企業債券、主權 債務及某些單位信託基金。由於 第二級投資包括並非於活躍市場 買賣及╱或須受轉讓限制的倉 盤,估值可能予以調整以反映非 流動性及╱或不可轉讓性,其一 般乃以可得市場資料為依據。
第三級包括按不可觀察數據估值 之財務工具,主要為單位信託。 該等資產淨值由各自之管理人所 提供。
第三級財務資產公允價值計量的 變動如下:
(in HK$Million) (港幣百萬元)
2021
2020
At 1 April
於四月一日
1,729.3
1,816.9
Gain/(loss) recognised in the comprehensive income
於全面收益內確認的 溢利╱(虧損)
299.4
(87.6)
At 31 March
於三月三十一日
2,028.7
1,729.3
The fair value of the above investments is positively correlated to the net asset value of the underlying investment funds. Due to the inherent uncertainty of the estimates, the fair value of Level 3 financial assets may differ from the values that would have been used had a ready market for these investments existed and the difference could be material.
以上投資的公允價值與相關投資 基金的資產淨值存在正值關係。 由於估計潛在不穩定因素,第三 級財務資產可能跟市場上的同類 投資有重大偏差。