Financial Report 2019

Notes to the Consolidated Financial Statements 合併財務報表附註 The University of Hong Kong 香港大學 109 37. FINANCIAL RISK MANAGEMENT – Cont’d 財務風險管理－續 (i) Financial risk factors – Cont’d (2) Credit risk – Cont’d The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the consolidated statement of financial position. The Group has four types of financial assets that are subject to the expected credit loss model, i nc l ud i ng cash and cash equ i va l en t s , l oans receivable, accounts receivable, prepayments and deposits and debt investments carried at amortised cost. While cash and bank balances are also subject to the impairment requirements of HKFRS 9, the credit risk on cash and bank balances are limited because the counterparties are banks with high credit rating and any identified impairment loss was immaterial. Accounts Receivable The Gr oup app l i es t he HKFRS 9 s imp l i f i ed approach to measure expected credit losses which uses a lifetime expected loss allowance for all accounts receivables. Loans Receivable The loss allowance for loans receivable as a result of applying the expected credit risk model was immaterial. Debt Investments All of the Group’s debt investments at amortised cost are considered to have low credit risk, and the loss allowance recognised during the year was therefore limited to 12 months expected losses. Management consider ‘low credit risk’ for most of the listed bonds with an investment grade credit rating with at least one major rating agency. (3) Liquidity risk P r uden t l i qu i d i t y r i s k managemen t imp l i e s maintaining sufficient cash, ensuring availability of funding through an adequate amount of bank balances and cash and marketable securities. Financial liabilities which are expected to mature within one year have been classified under current liabilities. For financial liabilities with expected maturity over one year, they are classified as non- current liabilities and the maturity of the main items have been detailed in the notes to accounts. (i) 財務風險因素－續 (2) 信貸風險－續 在本機構之合併財務狀況表內 各金融資產的賬面值已反映了 每項財務資產所承受之最高信 貸風險。 本機構有四類財務資產須遵行 預期信貸虧損模式，包括現金 及等同現金、應收貸款、應收 賬項、預付款及押金及按攤銷 成本列賬之債務投資。現金及 銀行結存亦需遵循香港財務報 告準則第 9 號之減值要求，因對 口單位為擁有高信貸評級的銀 行，故其信貸風險有限及已識 辨之減值虧損並不重大。 應收賬項 就所有應收賬項而言，機構應 用香港財務報告準則第 9 號之簡 化處理方法，使用全期預期信 貸虧損撥備計量預期信貸虧損。 應收貸款 應用預期信貸風險模型計算之 應收貸款之虧損撥備並不重大。 債務投資 機構按以攤銷成本列賬之財務 資產計算之所有債務投資均被 視為信貸風險較低，因此於年 內確認之虧損撥備僅限於 12 個 月內之預期虧損。管理層認為 大部分上市債券之「低信貸風 險」至少由一家主要之評級機構 評定為投資級之信貸評級。 (3) 流動資金風險 審慎的流動資金風險管理指維 持充足的現金，透過備有足夠 額度的銀行存款和現金及有價 證券以提供資金。 財務負債的到期日若在一年期 內，負債項目經已分類為流動 負債。若負債到期日超出一年 期，其項目則納入非流動負 債。主要之非流動負債到期日 已詳述於相關附註。 Notes to the Consolidated Financial Statements 合併財務報表附註 2019 Financial Report 二零一九財務報告 110 37. FINANCIAL RISK MANAGEMENT – Cont’d 財務風險管理－續 (ii) Fair value estimation The t ab l e be l ow ana l yses t he Group ’ s f i nanc i a l instruments carried at fair value as at 30 June 2019 by level of inputs to valuation techniques used to measure fair value. Such inputs are categorised into three levels within a fair value hierarchy as follows: Level 1: Quoted prices (unadjusted) in active markets for identical financial instruments. Level 2: Inputs other than quoted prices included within level 1, that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The fair values of financial instruments traded in active markets are based on quoted market prices at the end of each reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid prices. These instruments are included in level 1. The fair value of financial instruments that are not traded in an active market (for example, over-the- counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. (ii) 公平值估計 下表根據在評估公允價值的估值技 術中所運用到的輸入的層級，分析 本機構於二零一九年六月三十日按 公允價值入賬的金融工具。這些輸 入按照公允價值層級歸類為三層： 級別 1: 相同金融工具在活躍市場 的報價（未經調整）。 級別 2: 除了第一層所包括的報價 外，該資產或負債的可觀 察數據的其他輸入，可為 直接（即例如價格）或間接 （即源自價格）。 級別 3: 資產和負債並非依據可觀 察市場數據的輸入（即非可 觀察輸入）。 在活躍市場買賣的金融工具的公平 價值根據每個報告期末的市場報價 列賬。當報價可即時和定期從證 券交易所、交易商、經紀、業內人 士、定價服務者或監管代理獲得， 而該等報價代表按公平交易基準進 行的實際和常規市場交易時，有關 市場被視為活躍。本機構持有的金 融資產的市場報價為當時買方報 價。此等工具並包括在第 1 級別。 沒有在活躍市場買賣的金融工具（例 如場外衍生工具）的公允價值利用估 值技術釐定。估值技術儘量利用可 觀察市場數據（如有），儘量少依賴 主體的特定估計。如計算金融工具 的公允價值所需的所有重要輸入為 可觀察數據，則該金融工具列入第 2 級別。 如一項或多項重大輸入並非根據可 觀察市場數據，則該金融工具列入 第 3 級別。