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FINANCIAL INSTRUMENT | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
FINANCIAL INSTRUMENT | 5. FINANCIAL INSTRUMENT The Financial instrument is key management insurance policy. The fair value of the key management insurance policy is determined by reference to the surrender cash value of the insurance policy at the end of each of the reporting period, which is primarily based on the performance of the underlying investment portfolio together with the guaranteed minimum returns of 1.5% per annum. The fair value measurement of the key management insurance contract has been categorized as a Level 3 fair value based on the inputs to the valuation technique used and is positively correlated to the surrender cash value that is valued by the policy underwriter at the end of each reporting period. There is no change in both valuation approach and valuation technique. The financial instrument is pledged with a bank to secure bank loans (Note 9). The following table shows a reconciliation from the opening balances to the ending balances for Level 3 fair value: SCHEDULE OF FINANCIAL INSTRUMENT
|  | 2021 |  |  | 2022 |
|  | SGD’000 |  |  | SGD’000 |
As of January 1, |  |  | 240 |  |  |  | 243 |
Purchases |  |  | - |  |  |  | - |
Change in fair value recognized in profit or loss |  |  | 3 |  |  |  | 2 |
As of December 31, |  |  | 243 |  |  |  | 245 |

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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