projected future cash flow derived from the investment discounted at an appropriate discount rate. Projected future cash flows are based on the Group’s estimates calculated based on historical, sector and industry trends, general market and economic conditions, changes in technology and other available information. The assumptions used, results and sensitivity of the impairment assessments are disclosed in Note 9. (b) Impairment of intangible assets The Group tests intangible assets which includes goodwill for impairment annually in accordance with its accounting policy and whenever events or change in circumstances indicate that this is necessary within the financial period. This requires an estimation of the VIU of the cash generating unit (‘CGU’) to which the goodwill is allocated. Estimating the VIU requires the Group to make an estimate of the expectedfuture cash flows from the CGU to the Group and also to apply a suitable discount rate in order to calculate the present value of those cash flows. The assumptions used, results and sensitivity of the impairment assessment of goodwill are disclosed in Note 10. (c) Measurement of expected credit loss (‘ECL’) allowance for financial assets The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group and the Company use judgements in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s and the Company’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of key assumptions and inputs used are disclosed in Note 45. (d) Recognition of fair value adjustments and intangible assets arising from acquisitions During the financial year, the Group acquired Spark Renewables Pty Ltd Group (‘Spark Renewables’), Dullarbtons Limited (‘Dullarbtons’) and Elipsgeen Limited (‘Elipsgeen’), and purchase price allocation exercises were undertaken which involved assumptions in determining the fair value of