CQUniversity Annual Report - Central Queensland University

66
Central Queensland University
and Controlled Entities
Notes to the Financial Statements
for the year ended 31 December 2012
Note 41. Financial risk management (continued)
(d) Fair value of financial assets and liabilities
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for disclosure
purposes.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-forsale
securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets
held by the Group is the current bid price.
For those financial instruments not traded in active markets other valuaiton techniques are applied as disclosed in Note 21.
The carrying value less impairment provision of trade receivables and payables is a resonable approximation of their fair values
due to the short-term nature of trade receivables. The fair value of financial liabilities for disclosure purposes is estimated by
discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial
instruments.
Due to the short-term nature of the current receivables, their carrying value is assumed to approximate their fair value and based
on credit history it is expected that the receivables that are neither past due nor impaired will be received when due.
The carrying amounts and net fair values of financial assets and liabilities at balance date are:
Consolidated
On-balance sheet financial
instruments
Notes
2012 2011
Carrying amount Fair value Carrying amount Fair value
$'000 $'000 $'000 $'000
Financial assets
Non-Traded financial assets
Cash assets 17
18,250 18,250 44,286 44,286
Receivables
Available for sale
18
10,987 10,987 11,265 11,265
financial assets 21
30,886 30,886 35,500 35,500
Unlisted shares 21
1,813 1,813 1,553 1,553
61,936 61,936 92,604 92,604
Financial liabilities
Non-Traded financial liabilities
Payables 28
Provisions 29
9,948 9,948 9,475 9,475
35,133 35,133 31,831 31,831
45,081 45,081 41,306 41,306
Parent
On-balance sheet financial
instruments
Notes
2012 2011
Carrying amount Fair value Carrying amount Fair value
$'000 $'000 $'000 $'000
Financial assets
Non-Traded financial assets
Cash assets 17
Receivables 18
Available for sale
21
Unlisted shares 21
8,170 8,170 29,512 29,512
14,487 14,487 18,340 18,340
financial assets 30,886 30,886 35,500 35,500
2,750 2,750 1,955 1,955
56,293 56,293 85,307 85,307
Financial liabilities
Non-Traded financial liabilities
Payables 28
8,422 8,422 8,197 8,197
Provisions 29 30,968 30,968 27,366 27,366
39,390 39,390 35,563 35,563