Note 5.4 Fair value measurements

The following tables provide an analysis of assets and liabilities that are measured at fair value.

The different levels of the fair value hierarchy are defined below.

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at measurement date.
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: Unobservable inputs for the asset or liability.

 

Note 5.4A: Fair Value Measurements, Valuation Techniques and Inputs Used

  Fair value measurement
at the end of the reporting period

For Levels 2 and 3 fair value measurements

Valuation technique(s)1

  2016
$'000
2015
$'000
Category
(Level 1, 2 or 3)
Non-financial assets2          
   Leasehold improvements 13,290 12,270 Level 3 Cost Approach Actual cost of replacement of similar assets. Price per square metre.
   Computer and IT equipment 1,193 1,333 Level 2 Market comparable Sale prices of comparable computer and IT equipment.
   Office equipment 16 26 Level 2 Market comparable Sale prices of comparable office equipment.
   Artwork 60 58 Level 2 Market comparable Private sales of similar artwork. Professional appraisals of similar artwork.
   Motor Vehicle 5 - Level 2 Market comparable Sale price of comparable motor vehicles.
Total non-financial assets 14,564 13,687      
Total fair value measurements of assets in the statement of financial position 14,564 13,687    

1. Comcare engaged a professional valuer to undertake a comprehensive valuation of non-financial assets as at 30 June 2016.
2. The highest and best use of all non-financial assets are the same as their current use.

 

Note 5.4A: Reconciliation for Recurring Level 3 Fair Value Measurements

  Non-financial assets
  Leasehold Improvements Total
  2016
$'000
2015
$'000
2016
$'000
2015
$'000
As at 1 July - - - -
   Transfer into Level 31 13,290 - 13,290 -
Total as at 30 June 13,290 - 13,290 -

Accounting Policy

Any transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the reporting period.

1Transfers into Level 3 relate to Leasehold Improvements amount held at 30 June 2015 and reported as Level 2. Comcare deems transfers between levels of the fair value hierarchy to have occurred at the end of the reporting period.