- 72 - Fair value measurement Level 1 The fair values of other non-current financial assets, which are available-for-sale are based on quoted bid price by references from the Stock Exchange of Thailand as at the end of reporting period. Level 2 The fair values of Thai Baht debentures are calculated by applying the latest reference yield rate referred from the Thai Bond Market Association. The fair values of derivatives, which are forward foreign exchange contracts, interest rate swap contracts and cross currency interest rate swap contracts are determined by the market price of each contract which are calculated by the financial institution of the Group as at the statements of financial position date. The fair values of commodity derivative contracts are the average quoted bid price and quoted selling price from the financial institutions that provided the services to the Group as at the statements of financial position date which the reasonableness is tested for those prices. Level 3 The fair values of other non-current financial assets, which are non-marketable securities are based on the net asset method whereby the information is reasonably available. The Company has no transfer between level 1 and level 2 in current year and prior year. Reconciliation of Level 3 fair value measurements of financial instruments The following table only demonstrates financial assets. The financial liabilities measured subsequently at fair value on Level 3 represent contingent consideration relating to a business combination. No gain or loss for the year relating to this contingent consideration has been recognised in profit or loss. Unit : Million Baht Consolidated financial statements Separate financial statements Other non-current financial assets - unlisted shares Other non-current financial assets - unlisted shares Balance as at January 1, 2020 1,626 1,625 The effects from first-time adoption of new accounting policies 5 5 Total gains or losses: in other comprehensive income 8 8 Balance as at January 1, 2021 1,639 1,638 Total gains or losses: in other comprehensive income (2) (2) Balance as at December 31, 2021 1,637 1,636 374 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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