In the event of a change in the method of measuring assets or liabilities, arising e.g. from losing (or gaining) the availability of quotations observed in an active market, such assets or liabilities are transferred between Levels I and II.
Both in 2014 and 2013 there were no significant transfers between Levels I and II.
Elements of assets or liabilities are transferred between Levels II and III (respectively between Levels III and II) when:
- there is a change in the measurement model which results from the application of new unobservable (respectively observable) factors, or
- the factors which had been used so far, the impact on the measurement of which is significant, cease to be (or respectively become) observable on the active market.
Reclassification of investment property from Level III to Level II concerned items the new measurement of which was performed on the basis of the estimated sales price.
Transfers between levels of the fair value hierarchy are made at the end of each financial year, according to the value at that date.