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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
53
Dar Al-Maal Al-Islami Trust
Annual Report 2014
14. Fair values of land
and buildings
(continued)
Fair value measurements using significant unobservable inputs (Level 3) for
significant properties
Tour de
Deem Al Schuman Emile
Al Khumrah
2014
Cointrin
Madina
De Mot
Land
At 1 January
52,239
-
-
-
-
Exchange gains or losses
recognised in profit or loss
(367)
-
-
-
-
Revaluation gains or losses
recognised in profit or loss
(1,590)
756
-
(1,392)
(4,694)
Exchange gains or losses
recognised in other
comprehensive income
(5,087)
(1)
(4,149)
-
-
Transfers to/(from) Level 3
-
-
-
-
-
Additions
-
2,932 11,304 3,625 58,405
Disposals
-
-
-
-
-
At 31 December
45,195 3,687 7,155 2,233 53,711
Hidd
Domaine Saint Richmond Barbar
Polish
Health
2014
Land
Alexandre Road
Land
Assets
Island
At 1 January
-
-
-
59,933 56,212 149,775
Exchange gains or losses
recognised in profit or loss
-
-
-
-
-
-
Revaluation gains or losses
recognised in profit or loss
1 (7,000)
(1,471)
2,182
-
-
Exchange gains or losses
recognised in other
comprehensive income
-
-
-
-
(11,116)
-
Transfers to/(from) Level 3
-
-
-
-
-
-
Additions
5,400 21,920 5,000
-
-
-
Disposals
-
-
-
-
-
-
At 31 December
5,401 14,920 3,529 62,115 45,096 149,775
Fair value measurements using significant unobservable inputs (Level 3) for
significant properties
Tour de
Barbar
Polish
Health
2013
Cointrin
Land
Assets
Island
At 1 January
50,920 59,933 56,011 149,775
Exchange gains or losses
recognised in profit or loss
95
-
-
-
Revaluation gains or losses
recognised in profit or loss
(93)
-
-
-
Exchange gains or losses
recognised in other
comprehensive income
1,317
-
201
-
At 31 December
52,239 59,933 56,212 149,775
The Group’s policy is to recognise transfers into and transfers out of fair value
hierarchy levels as of the date of the event or change in circumstances that
caused the transfer.
Valuation processes of the Group
On an annual basis, the Group engages external, independent and qualified
valuers to determine the fair value of the Group’s land and buildings.
The external valuations of the Level 3 land and buildings have been performed
using a sales comparison approach, similar to the Level 2 land and buildings or
market comparable approach using rents and sales and a discounted cash flow.