Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 283 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 2. ACCOUNTING POLICIES (CONTD.) 2.4 Summary of material accounting policies (contd.) (f) Impairment of non-financial assets The Group and the Company assess at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when an annual impairment assessment for an asset is required, the Group and the Company make an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s fair value less costs to sell and its value-in-use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows cash-generating unit (“CGU”). (g) Inventories Inventories are stated at lower of cost and net realisable value. Cost of consumables which is determined on the weighted average basis, comprise cost of purchase of inventories. Cost of property held for resale is determined on the specific identification basis and include cost associated with the acquisition of land, direct costs and appropriate proportions of common costs. (h) Financial instruments (i) Financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (“OCI”), and fair value through profit or loss. For purposes of subsequent measurement, the Group and the Company have classified its financial assets into two categories: Financial assets at amortised cost (debt instruments) The Group’s and the Company’s financial assets at amortised cost includes trade and other receivables, and cash, bank balances and deposits. Financial assets at fair value through profit or loss (“FVTPL”) FVTPL are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. This category includes short term investments which the Group and the Company had not irrevocably elected to classify at fair value through OCI.
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