$" MATERIAL#ACCOUNTING#POLICY#INFORMATION#(CONT’D") +*. Inventories Inventories!are!stated!at!the!lower!of!costs!and!net!realisable!value' (a) Land!held!for!property!development Land! held! for! property! development! consists! of! land! where! no! development! activities! have! been! carried! out! or! where! development!activities!are!not!expected!to!be!completed!within!the!normal!operating!cycle'!Such!land!is!classified!within!noncurrent!assets' Land!held!for!property!development!is!reclassified!as!property!development!costs!at!the!point!when!development!activities! have!commenced!and!where!it!can!be!demonstrated!that!the!development!activities!can!be!completed!within!the!normal! operating!cycle' (b) Property!development!costs The!cost!of!land&!related!development!costs!common!to!entire!development!project!and!direct!building!costs!less!cumulative! amounts!recognised!as!expense!in!the!profit!or!loss!for!property!under!development!are!carried!in!the!statements!of!financial! position!as!property!development!costs'!The!property!development!cost!is!subsequently!recognised!as!an!expense!in!profit!or! loss!as!and!when!the!control!of!the!inventory!is!transferred!to!the!customer' Property!development!cost!of!unsold!unit!is!transferred!to!completed!development!unit!once!the!development!is!completed' (c) Completed!development!properties Completed!development!properties!represent!completed!residential!properties!and!commercial!properties' (d) Consumable!stores!and!spares Inventories!of!consumables!stores!and!spares!are!stated!at!the!lower!of!cost!and!net!realisable!value'!Cost!is!determined!on!the! first-in&!first-out!basis' The!cost!of!raw!materials!comprises!all!costs!of!purchase!plus!the!cost!of!bringing!the!inventories!to!their!present!location!and! condition' Net!realisable!value!is!the!estimated!selling!price!in!the!ordinary!course!of!business!less!the!estimated!costs!of!completion!and!the! estimated!costs!necessary!to!make!the!sale' +*, Investment!properties Investment!properties!are!initially!measured!at!cost&!including!related!transaction!costs'!Subsequent!to!initial!recognition&!investment! properties!are!stated!at!fair!value&!which!reflects!market!conditions!at!the!reporting!date'!Gains!or!losses!arising!from!changes!in!the! fair!values!of!investment!properties!are!included!in!profit!or!loss!in!the!period!in!which!they!arise&!including!the!corresponding!tax! e(ect' If!the!Group!determines!that!the!fair!value!of!an!investment!property!under!construction!is!not!reliably!determinable&!the!Group!shall! measure!that!investment!property!under!construction!at!cost!until!either!its!fair!value!becomes!reliably!determinable!or!construction! is!completed!(whichever!is!earlier)' NOTES TO THE FINANCIAL STATEMENTS FOR!THE!FINANCIAL!YEAR!ENDED!'$!DECEMBER!"%"' 200 ANNUAL REPORT 2023
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