identifying the point at which substantial completion of the property occurs and identifying the directly attributable borrowing costs 
to be included in the carrying value of the development property. Judgment is also applied in determining the extent and frequency of 
independent appraisals.
Leases
The Company has entered into residential property leases on its investment property portfolio. The Company has determined, based on an 
evaluation of the terms and conditions of the arrangements, that it has not transferred all the significant risks and rewards of ownership of 
these properties and accounts for the contracts with tenants as operating leases.
Financial Instruments
The Company’s accounting policies relating to financial instruments are described in Note 2(K). The critical judgments inherent in these 
policies relate to applying the criteria set out in IAS 39 to designate financial instruments as FVTPL and determining whether the Company 
has significant influence over investees with which it has contractual relationships in addition to the financial instrument it holds.
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