b"8 9CANADIAN SCHOOL BOARDS ASSOCIATIONS CANADIAN SCHOOL BOARDS ASSOCIATIONSL'ASSOCIATION CANADIENNE DES COMMISSIONS/CONSEILS SCOLAIRES L'ASSOCIATION CANADIENNE DES COMMISSIONS/CONSEILS SCOLAIRESNOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTSMARCH 31, 2022 MARCH 31, 20221. Nature of the association 3. Significant accounting policies (continued)TheCanadianSchoolBoardsAssociation-L'Associationcanadiennedescommissions/conseils Revenue recognitionscolaires is a not-for-profit organization representing school board associations on federal policyissues affecting education. The Association is primarily funded by membership fees.TheAssociationfollowsthedeferralmethodofaccountingforcontributions.Unrestrictedcontributions are recognized as revenue when received or receivable if the amount to be receivedThe Association was incorporated without share capital under Part II of the Canada Corporations can be reasonably estimated and collection is reasonably assured.Act,andsinceOctober10,2014becameregulatedundertheCanadaNot-for-ProfitCorporations Act. Restricted contributions, including the Canadian Heritage project, for future periods are deferredand are recognized as revenue in the year in which the related expenses are incurred.The Association qualifies as a not-for-profit organization and is exempt from income taxes underSection 149 of the Income Tax Act.Membership fees are recognized as revenue in the year in which the levy pertains to the extentthat collection is reasonably assured. 2. Change in accounting policy Interest income is recognized as revenue on a time basis in the period in which it is earned.The Association adopted the amendments to FINANCIAL INSTRUMENTS, Section 3856, relating Otherrevenue,consistingofpromotionalservicesandresearchinitiatives,isrecognizedasto the recognition of financial instruments originated or exchanged in a related party transaction.revenuewhentheserviceshavebeenprovided,thepriceisdeterminedandcollectionisUnder these new requirements, such a financial instrument is initially measured at cost, which is reasonably assured.determineddependingonwhethertheinstrumenthasrepaymentterms.Ifitdoes,costis Cash and cash equivalentsdetermined using its undiscounted cash flows, excluding interest and dividend payments, less anyimpairmentlosses.Otherwise,itscostisdeterminedusingtheconsiderationtransferredor The Association's policy is to disclose bank balances under cash and cash equivalents.receivedbytheAssociation.Subsequentmeasurementisbasedonhowtheinstrumentwasinitiallymeasured.Ingeneral,afinancialinstrument issubsequently measuredatcostlessany Capital assetsreduction for impairment, or at fair value. Accordingtothetransitionprovisions,suchfinancialinstrumentsthatexistatthedatethese Computerhardwareisaccountedforatcost.Amortizationiscalculatedontheirrespectiveamendments are applied for the first time, i.e. January 1, 2021, are measured as follows. The cost estimated useful lives using the declining balance method at the rate of 30%.ofaninstrumentthathasrepaymenttermsisdeterminedusingitsundiscountedcashflows, Impairment of long-lived assetsexcluding interest and dividend payments, less any impairment as at the beginning of the earliestcomparative period, i.e. January 1, 2020. The cost of an instrument that does not have repayment Capital assets are tested for recoverability whenever events or changes in circumstances indicatetermsisdeemedtobeitscarryingamountintheAssociation'sfinancialstatements,lessany that their carrying amount may not be recoverable. An impairment loss is recognized when theimpairment, as at the same date. The fair value of an instrument that is an investment in shares carrying amount of the asset exceeds the sum of the undiscounted cash flows resulting from itsquoted in an active market is determined as at the same date.useandeventualdisposition.Theimpairmentlossismeasuredastheamountbywhichthecarrying amount of the long-lived asset exceeds its fair value.The adoption of these new requirements had no impact on the Association's financial statements.Financial instruments3. Significant accounting policiesInitial measurementThe Association applies the Canadian accounting standards for not-for-profit organizations. The Association initially measures its financial assets and liabilities originated or exchanged in armslength transactions at fair value. Financial assets and liabilities originated or exchanged in relatedpartytransactions,exceptforthosethatinvolvepartieswhosesolerelationshipwiththeAssociation is in the capacity of management, are initially measured at cost.53 54"