Annual Report 2017

167 SET 2017 Level 1 Level 2 Level 3 Total - Held-to-maturity debt securities - 2,218,202 - 2,218,202 - General investments - 10,047 12,361 22,408 Total - 2,228,249 12,361 2,240,610 (Unit: Baht’000) There was no transfers between Levels 1 and 2 during the year. Other financial instruments not carried at fair value are typically short-term in nature and reprice to current market rate frequently. Accordingly, their carrying amount is a reasonable approximation of fair value. This includes cash and cash equivalents, cash at banks for financial benefits payable, assets for margin deposits and benefits, accounts receivable, accrued interest receivable, deposits and other benefits in assets for clearing system protection, deposits and other benefits in Securities Investor Protection Fund, deposits and other benefits in Derivatives Investor Protection Fund, accounts payable and short-term borrowings from subsidiaries. The management believes that the fair value of the Group’s financial assets and liabilities does not materially differ from their carrying value. ValuationtechniquesusedtoderiveLevel1fairvalues Available-for-sale securities presented as long- term investments and Securities Investor Protection Fund. The fair value of investments is measured by using last bid price at the close of business on the statement of financial position date by reference to the Stock Exchange of Thailand and the New York Stock Exchange. ValuationtechniquesusedtoderiveLevel2fairvalues Available-for-sale securities presented as short- term investments, long-term investments, Securities Investor Protection Fund and general investments, which are short-term. General investments comprise of investments in specific-purpose funds in one open-ended venture capital funds. The fair value of investments is measured by using last bid price at the close of business on the statement of financial position date by reference to the Association of Investment Management Companies. Held-to-maturity debt securities and trading securities include fixed deposit accounts, bonds and debentures. The fair value of fixed deposit accounts, which is in Level 2, is measured by using discounted cash flows based on each contract with an average yield of 4 commercial banks. The fair value of bonds and debentures are measured by using the bid yield of debt securities published in the Thai Bond Market Association at the end of the date in the statement of financial position. ValuationtechniquesusedtoderiveLevel3fairvalues As the Group has a general investment in limited companies which the Group’s shareholding was insignificant, the Group has no controlling and decision making power in the invested companies resulting in difficulty in obtaining the information to support the fair value valuation in practice. These investments are not in the stock exchange and do not have any market prices which can be used as fair value. The Group also do not have any plan for selling these investments, so the Group did not assess the fair value for the general investment. Therefore, the Group cannot disclose the fair value of the general investment in the notes to the financial statements and have stated these investments at cost net allowance for impairment (if any).