DMIT Annual Report 2017

N OTES TO THE C ONSOLIDATED F INANCIAL S TATEMENTS (Thousands of US dollars) Dar Al-Maal Al-Islami Trust 57 14. Fair values of land and buildings (continued) Fair value measurements using significant unobservable inputs (Level 3) for significant properties 2016 Tour de Cointrin Emile De Mot Al Khumrah Land Hidd Land At 1 January 44,609 1,995 53,711 5,706 Exchange gains or losses recognised in profit or loss (86) - - - Revaluation gains or losses recognised in profit or loss - (111) - (2,428) Exchange gains or losses recognised in other comprehensive income (1,198) - - - Transfer to trading securities - - - - At 31 December 43,325 1,884 53,711 3,278 2016 Domaine Saint Alexandre Richmond Road Barbar Land Polish Assets Health Island At 1 January 14,275 2,999 62,115 41,298 76,155 Revaluation gains or losses recognised in profit or loss (1,043) 352 - - - Exchange gains or losses recognised in other comprehensive income - - - (3,377) - Additions - - - - 352 At 31 December 13,232 3,351 62,115 37,921 76,507 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. 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 or market comparable approach using rents and sales and a discounted cash flow.