Page 167 - UBP - IR2020

(c)
FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
Financial assets that are are unquoted are are fair valued by management at at at at least annually at at at at the reporting date The use of external valuers is decided by the the the management when the the the situation dictates it it taking into consideration the the the relevant factors Involvement of of external valuers for the valuation of of its properties is is decided upon by management after discussion with and approval of the audit committee usually every three years Selection criteria include market knowledge reputation independence and and whether professional standards are maintained Management decides after discussions with the the Group’s external valuers which valuation techniques and inputs to use for each case Management assesses the the changes in in the the inputs as as well as as those in in in the the the environment from both internal and external sources that affect the the the fair value of the the the property since the the the last valuation and thereafter decides on on the the the involvement of external valuers At each reporting date management analyses the the movements in in the the values of assets and liabilities which are required to be re-measured or or or re-assessed as as as per the the Group’s accounting policies For this analysis management verifies the the major inputs applied in in in in the the the latest valuation valuation by agreeing the the the information in in in in the the the valuation valuation computation to relevant documents Management in in conjunction with the the the Group’s external valuers also compares the the the changes in in the the the fair value value of each asset and liability with relevant external sources to determine whether the the change is reasonable The fair values of the the Group’s consumable biological assets are determined by management at at least annually at at the the reporting date through the the the income approach Inputs and and assumptions used in in in the the the determination of the the the fair value are verified and and validated to their respective sources and documents For the the the the purpose of of of fair value disclosures the the the the Group has determined classes of of of assets and liabilities on the the the the basis of of of the the the the nature characteristics and and risks of of the the the asset or liability and and the the the level of of the the the fair value hierarchy as as explained above Property plant and equipment
Except for freehold land land land and and and and and and and buildings leasehold land land land and and and and and and and land land land improvements plant and and and and and and and equipment
and and and and and and and motor vehicles are stated at at at at at cost cost cost net of of accumulated accumulated depreciation and accumulated accumulated impairment losses if any Such cost cost cost includes the cost cost cost of of replacing part part of of the property property plant plant and and equipment
equipment
When significant parts of of property property plant plant and and equipment
equipment
are required to be replaced at at intervals the Group recognises such parts as as individual assets with specific useful lives and depreciates them accordingly Likewise when a a a a a major inspection is is is is performed its cost is is is is recognised in in in in the the the carrying amount of the the the plant and and equipment
as a a a a a a a a a a a a a replacement if the the recognition criteria are are satisfied All other repair and and maintenance costs are are recognised in in profit or loss as incurred Freehold land and and and buildings buildings are measured at at at fair value less accumulated depreciation on on buildings buildings and and and impairment losses recognised at at at at at the the date of the the revaluation Valuations are performed with sufficient frequency (3 to to 5 years) to to ensure that the fair value value of a a a a a a a a a revalued asset does not differ materially from its carrying amount A revaluation revaluation surplus is recorded in in in other comprehensive income and credited to the the asset revaluation revaluation reserve in in in equity except to the the extent that it fit reverses a a a a a a a revaluation decrease of o the the same asset previously recognised in in profit or loss in in which case the the increase is is is is recognised recognised in in in profit profit or or loss loss A revaluation deficit is is is is recognised recognised in in in profit profit or or loss loss except to the the extent that it offsets an existing surplus on on the the same asset asset recognised in in the the asset asset revaluation reserve UBP INTEGRATED REPORT 2020
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FINANCIAL CAPITAL CORPORATE MANAGEMENT STATEMENTS
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