| (u) | Financial guarantee contract |
A financial guarantee contract is a contract that requires the issuer (the Group) to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the original or modified terms of a debt instrument.
Financial guarantee contracts are initially measured at their fair values and, if not designated as at fair value through profit or loss, are subsequently measured at the higher of:
| • | The amount determined in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets and |
| • | The initial amount recognized, less, when appropriate, cumulative amortization recognized in accordance with IAS 18. Revenue |