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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）
截至二零一五年及二零一六年三月
三十一日止年度內，第一級與第二
級之間並沒有轉移，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、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。
5 Financial risk management objectives and
policies
(continued)
(d) Financial assets and liabilities measured at
fair value
(continued)
Fair value hierarchy
(continued)
During the year ended 31 March 2015 and 31 March 2016,
there were no transfers between Level 1 and Level 2 or no
transfers into or out of Level 3. The Housing Society’s policy is
to recognise transfer between levels of fair value hierarchy at
the end of 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, 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.
Hong Kong Housing Society Annual Report 2016
134
Notes to the Financial Statements
財務報表附註
FINANCIAL STATEMENTS
財務報表