Annual Report and Consolidated Accounts 2015
d) Financial assets available for sale
Financial assets available for sale are non-deriva-
tive assets which are designated in this category
or are not classified in any of the other categories.
They are included in non-current assets, except
when the Board of Directors wishes to sell the in-
vestment within 12 months as of the consolidated
statement of financial position date.
2.8.2 Recognition and measurement
Purchases and sales of investments are rec-
ognised on the transaction date – the date on
which the group promises to purchase or sell the
asset. Investments are initially recognised at the
fair value, including transaction costs, when the
financial assets are not shown at the fair value
through results (in this case, they are also recog-
nised at the fair value, but the transaction costs
are recorded in costs in the year at the time
they are incurred). Financial investments are
derecognised when the rights to receive cash
from them expire or have been transferred and
the group has substantially transferred all the
risks and benefits from its possession. Financial
assets available for sale and financial assets at
the fair value through results are subsequently
valuated at the fair value. Loans granted and
accounts receivable and investments held until
maturity are valuated at the amortised cost, us-
ing the effective rate method. Gains and losses
- either realised or not realised and arising from
alterations to the fair value of the category of
the financial assets at their fair value through
results - are included in the consolidated state-
ment of comprehensive income in the year in
which they arise. Unrealised gains and losses,
resulting from alterations to the fair value of
non-monetary securities, classified as available
for sale, are recognised in the equity. When the
securities classified as available for sale are
sold or are under impairment, the accumulated
adjustments to the fair value are included in
the consolidated statement of comprehensive
income as gains or losses in securities invest-
ments.
The fair value of listed investments is based on
current market prices.
If there is no active market for a financial asset
(and for non-listed securities), the group deter-
mines the fair value using evaluation techniques,
which include using recent transactions be-
tween independent parties, reference to other
instruments that are substantially identical, an
analysis of the discounted cash flow and refined
options price models that reflect the specific
emission circumstances.
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