D r a f t f o r d i s c u s s i o n o n l y 10 CANADIAN SCHOOL BOARDS ASSOCIATIONS L'ASSOCIATION CANADIENNE DES COMMISSIONS/CONSEILS SCOLAIRES NOTES TO FINANCIAL STATEMENTS MARCH 31, 2019 2. Significant accounting policies (continued) Financial instruments (continued) Impairment Financial assets measured at cost are tested for impairment when there are indicators of possible impairment. The Association determines whether a significant adverse change has occurred in the expected timing or amount of future cash flows from the financial asset. If this is the case, the carrying amount of the asset is reduced directly to the higher of the present value of the cash flows expected to be generated by holding the asset, and the amount that could be realized by selling the asset at the balance sheet date. The amount of the write-down is recognized in the Statement of Operations. The previously recognized impairment loss may be reversed to the extent of the improvement, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. The amount of the reversal is recognized in the Statement of Operations. 3. Term deposit Term deposit is comprised of a Guaranteed Investment Certificate (GIC) in the amount of $203,528 bearing interest at 2.60% and maturing in July 2019. 4. Accounts receivable 2019 2018 $ $ Interest receivable 1,977 2,358 Sales taxes receivable 3,338 1,208 Employee advance, unsecured, non-interest bearing and with no specific terms of repayment 10 938 5,325 4,504