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A number of the Group's accounting policies and disclosures require the measurement of fair values. The Group uses valuation
techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Refer to note 1.20 for the
accounting policy and valuation of these financial instruments.
The Group's assets and liabilities that are measured at fair value are classified into different levels based on the extent that
quoted prices are used in the calculation of fair value and the levels have been defined as follows:
- level 1: fair value based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
- level 2: fair value based on inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (that is, derived from prices); or
- level 3: fair value based on inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
The following table presents the fair value measurement hierarchy of the Group's assets and liabilities measured at fair value:
Group 2022 |
Financial asset |
|
|
|
|
Trade receivable held at fair value through profit or loss |
— |
233,407 |
— |
233,407 |
Long-term receivable |
— |
— |
38,663 |
38,663 |
|
— |
233,407 |
38,663 |
272,070 |
Group 2021 |
Financial asset |
|
|
|
|
Trade receivable held at fair value through profit or loss* |
— |
239,304 |
— |
239,304 |
Long-term receivable |
— |
— |
13,444 |
13,444 |
|
— |
239,304 |
13,444 |
252,748 |
* |
The prior year trade and other receivables carried at amortised cost incorrectly included R214m, which should have been
included in fair value through profit or loss. The prior year disclosure has been corrected in note 11 and 27.4. This error has no
other impact on the financial statements or disclosures. |
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