38. FAIR VALUE (CONTINUED) Fair value of the financial assets and financial liabilities that are measured at fair value on a recurring basis (Continued) The carrying amounts of the Group’s and Company’s current financial assets and current financial liabilities approximate their fair values as at the end of the reporting periods due to the relatively short period of maturity of these financial instruments. The management considers that the fair values of Group’s and Company’s non-current financial liabilities were not materially different from their carrying amounts at the end of the reporting years except as disclosed in Note 27 to the financial statements. 39. CATEGORIES OF FINANCIAL INSTRUMENTS The following table sets out the financial instruments as at the end of the reporting period: Group Company 2024 2023 2022 2024 2023 $’000 $’000 $’000 $’000 $’000 (Restated) (Restated) Financial assets Financial assets at FVTOCI 2,385 2,475 2,415 2,385 2,475 Financial assets at amortised cost 79,155 79,659 117,770 31,717 13,147 Financial liabilities Financial liabilities at amortised cost 114,977 109,313 155,933 14,382 13,847 40. PRIOR YEAR ADJUSTMENTS Restatement adjustment has been made to the prior year’s financial statement to reflect the following changes that: i. the investment in Hyundai-Keong Hong JV Limited Partnership has been reclassified as a joint operation instead of joint venture. The reclassification as a joint operation better reflects the economic substance and legal forms of the arrangement, where the partners are directly involved in the assets and liabilities of the partnership; and ii. the financial asset at FVTOCI and FVTPL relating to the 20% share of interest in KHPL and loan to KHPL respectively have been classified as investment in associate. The reclassification as an associate reflects the presumed significant influence the Group has on the investee when it holds 20% of the voting power over KHPL unless demonstrate otherwise. As a result of the restatement to the comparative figures, certain line items have been amended on the consolidated statement of profit or loss and other comprehensive income, consolidated statement of financial position, consolidated statement of cash flows and related notes to the financial statements. 136 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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