NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 2. Significant accounting policies (cont’d) 2.4 Summary of significant accounting policies (cont’d) (p) Borrowing costs (cont’d) Capitalisation of borrowing costs commences when the activities to prepare the asset for its intended use or sale are in progress and the expenditure and borrowing costs are incurred. Borrowing costs are capitalised until the assets are substantially completed for their intended use or sale. All other borrowing costs are recognised in profit or loss in the period they are incurred. (q) Current versus non-current classification The Group and the Fund present assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: - Expected to be realised or intended to be sold and consumed in the normal operating cycle; - Held primarily for the purpose of trading; - Expected to be realised within 12 months after reporting period; or - Cash and cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after reporting period. All other assets are classified as non-current. A liability is current when: - It is expected to be settled in the normal operating cycle; - It is held primarily for the purpose of trading; - It is due to be settled within 12 months after reporting period; or - There is no unconditional right to defer the settlement of the liability; for at least twelve months after reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. (r) Fair value measurement The Group and the Fund measure financial instruments such as Islamic derivatives and Shariah Compliant investment property at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (i) In the principal market for the asset or liability; or (ii) In the absence of a principal market, in the most advantageous market for the asset or liability 163 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
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