Hong Kong Housing Society Annual Report 2014
128
Notes to the Financial Statements
ৌਕజ
ڝڌ
ൗ
5 Financial risk management objectives and policies
(continued)
(d) Financial assets and liabilities measured at fair value
(continued)
Fair value hierarchy
(continued)
During the years ended 31 March 2014 and 2013, there were no
significant transfers between Level 1 and Level 2 or no transfers
into or out of Level 3. The Housing Society’s policy is to recognise
transfers between levels of fair value hierarchy at the end of the
reporting period in which they occur.
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 and certain sovereign obligations and
certain listed equities. 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 represent the investment funds managed by the fund
manager. Such investment funds are stated with reference to the
net asset value provided by the respective administrators of the
investment funds.
5
財務風險管理目標及政策
（續）
(d)
金融資產及負債按公允價值
計量
（續）
公允價值等級
（續）
截至二零一四年及二零一三年三月
三十一日止年度內，第一級與第二
級之間並沒有重大轉移，或轉入至
或轉出自第三級。房屋協會之政策
是於結算日確認公允價值等級之間
所發生之轉移。
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金融工具都
劃歸為第二級。該等工具包括投資
級別的企業債券、若干主權債務及
某些上市股票。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。
第三級為基金經理所管理之投資基
金。有關投資基金乃參考投資基金
各自之管理人所提供之資產淨值進
行呈列。
