A financial Instrument will be categorised based on the lowest level of any one of the inputs used for its valuation.
The following disclosures are also required:
· Significant transfers of financial instruments between each category – and reasons why
· For level 3, a reconciliation between opening and closing balances, incorporating; gains/losses, purchases/sales/settlements, transfers
· Amount of gains/losses and where they are included in profit and loss
· For level 3, if changing one or more inputs to a reasonably possible alternative would result in a significant change in FV, disclose this fact.