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Moncler Group | Annual Report 2024 Consolidated Financial Statements 356  | 

On initial recognition of a security not held for trading, the Group

may make an irrevocable choice to present subsequent

changes in fair value in the other components of the comprehensive

income statement. This choice is made for each asset.

At the time of subsequent measurement, the measurement

made at the time of recognition is updated and any changes

in fair value are recognised in the statement of comprehensive

income. As for the category above, these assets are subject

to the impairment model described in the paragraph Trade

receivables, f inancial assets and other current and

non-current receivables.

All f inancial assets not classif ied as valued at amortised

cost or at FVOCI, as indicated above, are valued at FVTPL.

All derivative f inancial instruments are included.

On initial recognition, the Group may irrevocably designate

the f inancial asset as measured at fair value through

prof it/(loss) for the period if this eliminates or signif icantly reduces

a misalignment in accounting that would otherwise result from

measuring the f inancial asset at amortised cost or at FVOCI.

At the time of subsequent measurement, f inancial

assets measured at FVTPL are valued at fair value. Gains

or losses arising from changes in fair value are recognised

in the consolidated income statement in the period in which they

are recognised under f inancial income/expenses.

Financial assets are derecognised from the f inancial

statements when the contractual rights to receive cash f lows

from them expire, when the contractual rights to receive

cash f lows from a transaction in which all the risks and rewards

of ownership of the f inancial asset are materially transferred

or when the Group neither transfers nor retains materially all

the risks and rewards of ownership of the f inancial asset and

does not retain control of the f inancial asset.

Financial liabilities are classif ied as valued at amortised cost

or at FVTPL. A f inancial liability is classif ied at FVTPL when

it is held for trading, it represents a derivative or is designated

as such on initial recognition. Financial liabilities at FVTPL

are measured at fair value and any changes including interest

expense are recognised in prof it or loss for the period

Other f inancial liabilities are measured at amortised cost using

the ef fective interest method Interest expense and exchange

rate gainslosses are recognised in prof itloss for

the period

as are any gains or losses from derecognition

The Groups f inancial instruments consist primarily o

f cash

and cash equivalents accounts receivable accounts

payable

other current and noncurrent assets and liabilities

investments

borrowings and derivative f inancial instruments

Cash and cash equivalents

Cash and cash equivalents include cash and shortterm

deposits held with banks and most liquid assets that are readily

convertible into cash and that have insignif icant risk of change

in value. Bank overdrafts are recorded under current liabilities

on the Group’s consolidated statement of f inancial position.

Trade receivables, f inancial assets and other current

and non-current receivables

Trade and other receivables, generated when the Group provides

money, goods or services directly to a third party, are classif ied

as current assets, except for items with maturity dates greater

than twelve months after the reporting date.

Current and non-current f inancial assets, other current

and non-current assets, trade receivables, excluding derivatives,

with f ixed maturity or determinable payment terms, are

recognised at amortised cost calculated using the ef fective interest

method. When f inancial assets do not have a f ixed maturity,

they are valued at cost. Notes receivable (due date greater than

a year) with interest rate below that of

the market rate are

valued using the current market rate.

The f inancial assets listed above are valued based

on the impairment model introduced by IFRS 9 or by adopting

an expected loss model, replacing the IAS 39 framework,

which is typically based on the valuation of the incurred loss.

For trade receivables, the Group adopts the so-called

simplif ied approach, which does not require the recognition

of periodic changes in credit risk, but rather the accounting

of an Expected Credit Loss (“ECL") calculated over the entire life

of the credit (so-called lifetime ECL).

In particular, the policy implemented by the Group provides

for the stratif ication of trade receivables based on the days

past due and an assessment of the solvency of the counterparty

and applies dif ferent write-down rates that ref lect the relative

expectations of recovery. The Group then applies an analytical

valuation of impaired receivables based on a debtor’s reliability

and ability to pay the due amounts.

The value of receivables is shown in the statement of f inancial

position net of the related bad debt provision. Write-downs,

made in accordance with IFRS 9 are recognised in the consolidated

income statement net of any positive ef fects associated with

reversals of impairment

Financial liabilities trade payables and other current

and noncurrent payables

Trade and other payables arise when the Group acquires money

goods or services directly from a supplier They are included

within current liabilities except for items with maturity dates

greater than twelve months after the reporting date

Financial liabilities excluding derivatives are recognised

initially at fair value which represents the amount at which

the asset was bought in a current transaction between willing

parties and subsequently measured at amortised cost

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