Sasbadi Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS 131 ANNUAL REPORT 2017 23. Financial instruments (continued) 23.7 Fair value information (continued) Policy on transfer between levels The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused the transfer. Level 1 fair value Level 1 fair value is derived from quoted price (unadjusted) in active markets for identical financial assets or liabilities that the entity can access at the measurement date. Level 2 fair value Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the financial assets or liabilities, either directly or indirectly. Transfers between Level 1 and Level 2 fair values There has been no transfer between Level 1 and 2 fair values during the financial year (2016: no transfer in either directions). Level 3 fair value Level 3 fair value is estimated using unobservable inputs for the financial assets and liabilities.