Estructura del programa de intervención de la investigación

IFRS 13:93(i) If the items highest and best use differs from its actual use, disclose (L1, L2, and L3):

- This fact

A Layout (International) Group Ltd

Notes forming part of the consolidated financial statements

For the year ended 31 December 2013 (continued)

14. Property, plant and equipment (continued)

(v) Fair value measurement (Revalued Property)

Land and buildings classified as property, plant and equipment were valued on 31 December 2013 (2012: 31 December 2012) using [INSERT VALUATION TECHNIQUES] carried out by external independent qualified valuers.

Land and buildings transferred from property, plant and equipment to assets held for sale were valued immediately before transfer using [INSERT VALUATION TECHNIQUES] carried out by external independent qualified valuers.

The fair value of land and buildings is a level 3 recurring fair value measurement. A reconciliation of the opening and closing fair value balance is provided below.

2013 CU'000 Opening balance (level 3 recurring fair values) 23,430

Purchases 1,193

Disposals -

Reclassifications (2,672)

Gains (Loss): included in ‘other comprehensive income’

- Loss on property revaluation (4,460)

Gains (Loss): included in ‘other expenses’

- Unrealised foreign exchange rate movements 156 ______ Closing balance (level 3 recurring fair values) 17,647 _______

The valuation techniques and significant unobservable inputs used in determining the fair value measurement of land and buildings, as well as the inter-relationship between key unobservable inputs and fair value, are set out in the table below.

Valuation Techniques

used Significant unobservable inputs Inter-relationship unobservable inputs and fair value between key [VALUATION TECHNIQUE #1]

[DESCRIPTION]

[PROCESSES AND POLICIES]

[LIST SIGNIFICANT UNOBSERVABLE INPUTS USED]

[DESCRIBE WHETHER INCREASES OR DECREASES IN SIGNIFICANT UNOBSERVABLE INPUTS WOULD CAUSE AN INCREASE OR DECREASE IN FAIR VALUE.]

[VALUATION TECHNIQUE #2]

[DESCRIPTION]

[PROCESSES AND POLICIES]

[LIST SIGNIFICANT UNOBSERVABLE INPUTS USED]

[DESCRIBE WHETHER INCREASES OR DECREASES IN SIGNIFICANT UNOBSERVABLE INPUTS WOULD CAUSE AN INCREASE OR DECREASE IN FAIR VALUE.]

There were no changes to the valuation techniques during the period.

The fair value measurement is based on the above items’ highest and best use, which does not differ from their actual use.

Had the revalued properties been measured on a historical cost basis, their net book value would have been CU16,586,000 (2012: CU20,273,000). The revaluation surplus (gross of tax) amounted to CU3,155,000 (2012: CU7,815,000).

144 Note 15 Investment property

IAS 40:76 Disclose a reconciliation between the carrying amount of investment property at the beginning and end of the period.

Sub-paragraphs (a) – (g) detail specific reconciling lines items. IAS 17:56(c) Disclose details of operating leases as lessor.

IAS 40:75(f) Disclose specific items recognised in profit or loss, including: - Rental income

- Direct operating expenses from investment property that did generate rental income

- Direct operating expenses from investment property that did not generate rental income.

IAS 40:75(g) Disclose any restrictions on:

- The realisability of investment property - Remittance of income

- Proceeds of disposal. IAS 40:75(h) Disclose contractual obligations:

- To purchase investment property

- To construct or develop investment property

- For repairs, maintenance or enhancements related to investment property.

A Layout (International) Group Ltd

Notes forming part of the consolidated financial statements

For the year ended 31 December 2013 (continued)

15. Investment property

(i) Carrying amount reconciliation

2013 2012 CU'000 CU'000 As restated Note 44 Opening balance 5,838 8,960 Purchases - - Disposals - -

Fair value gain (loss) recognised in profit or loss1 _{(2,837) (1,478)}

Reclassified to assets held-for-sale (1,000) (2,000)

Foreign exchange rate movements 648 598

______ _______

2,649 5,838

_______ _______

1 _{The fair value gain (loss) recognised in profit or loss has taken account of the amounts}

recognised within prepayments relation to lease incentives given totalling CU200 (2012: CU250)

(ii) Operating lease arrangements

Refer to note 35 for details of operating leases related to investment properties.

(iii) Items of income and expense

During the year CU1,200,000 (2012: CU1,120,000) was recognised in the consolidated statement of comprehensive income in relation to rental income from the investment properties. Direct operating expenses, including repairs and maintenance, arising from investment property that generated rental income amounted to CU900,000 (2012: CU840,000). Direct operating expenses, including repairs and maintenance, arising from investment property that did not generate rental income during the year amounted to CUnil (2012: CUnil).

(iv) Restrictions and obligations

At 31 December 2013, there were no restrictions on the realisability of investment property or the remittance of income and proceeds of disposal (2012: none).

There are currently no obligations to construct or develop the existing investment properties. At 31 December 2013, contractual obligations to purchase investment property amounted to CU500,000 (2012: CUnil).

146

IFRS 13 Fair value measurement disclosures

BDO Comment IFRS 13 requires specific disclosures for items measured or disclosed at fair value, dependent on:

- the level of fair value measurement

- whether the fair value measurement is recurring or non-recurring Investment property is an example of a recurring fair value measurement, as a fair value valuation is required at each reporting date.

In the case of A Layout, we have presumed that the valuation techniques used have at least one unobservable input, and therefore are classified as a Level 3 fair value measurement (as per IFRS 13:73). The use of at least one unobservable input in the valuation technique used is likely to be the case for most valuations of investment property.

IFRS 13:93(a) Disclose the fair value (L1, L2, and L3).

IFRS 13:93(b) Disclose the fair value hierarchy (L1, L2, and L3). IFRS 13:93(d) Disclose in relation to the valuation technique used:

- A description (L2 and L3)

- Any changes for the technique used previously, and reasons why (L2 and L3)

- Significant unobservable inputs (L3).

BDO Comment Note that this disclosure has been left blank in the illustrative financial statements. This is intentional as these elements will be specific on an entity-by-entity, and item-by-item basis.

However, an illustrative template has been provided as an appendix to financial statements (refer Appendix A)

IFRS 13:93(e)

IFRS 13:93(f) Disclose a reconciliation between the opening and closing fair value measurement, including any unrealised fair value gains/losses (L3).