Managing uncertainties (continued) 5.1 Fair Value Measurement The following tables provide an analysis of assets and liabilities that are measured at fair value. The remaining assets and liabilities disclosed in the statement of financial position do not apply the fair value hierarchy. The different levels of the fair value hierarchy are defined below. Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Commission can access at measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. Accounting Policy The Commission considers the fair value hierarchy levels at the end of the reporting period. There were no transfers in or out of any levels during the reporting period. 5.1A: Fair Value Measurement Fair value measurements at the end of the reporting period 2024 $’000 2023 $’000 2,505 982 Non-financial assets Infrastructure, plant and equipment Market replacement cost less estimate of written down value of asset used. Valuation determined to not be materially different to carrying value, so no adjustment was made. There were no non-financial assets where the highest and best use differed from its current use during the reporting period. The remaining assets and liabilities reported by the Commission are not measured at fair value in the Statement of Financial Position. 80