126 Land, premises and equipment - land and buildings - The fair value of land is determined using market comparison approach which is used whereby the buying and selling prices for assets with similar characteristics. - The fair value of buildings is determined using replacement cost approach, market comparison approach and income approach. Receivables and payables from purchase and sale of securities - The fair value is assumed to approximate their book value in the statement of financial position due to their short-term nature. Interbank and money market items - borrowings from financial institutions and debt issued and borrowings - The fair value of borrowings at call, floating rate or fixed rate with not more than 1 year from the statement of financial position date remaining to maturity is assumed to approximate their book value. - The fair value of fixed rate borrowings with more than 1 year from the statement of financial position date remaining to maturity is determined based on the present value of future cash flows, discounted by the estimated current market interest rate for borrowings subject to similar conditions. During the current year, the Company and its subsidiaries did not transfer any items among fair value hierarchy levels. 47. Reclassification of accounts The Company and its subsidiaries reclassified certain accounts in the statement of comprehensive income for the year 2020, restated for comparative purposes, to be consistent with the current year’s accounting classification. These reclassifications do not have any impact on previously reported profit or equity. (Unit: Thousand Baht) Consolidated financial statements 2020 Reclassified Previously reported Non-life insurance/Life insurance expenses 5,820,603 5,820,488 Other expenses 663,902 674,730 Expected credit loss 606,102 595,389 342
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