b"10 11CANADIAN 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, 20223. Significant accounting policies (continued) 5. Accounts receivableFinancial instruments (continued) 2022 2021$ $Subsequent measurement Interest receivable 1,153 720The Association subsequently measures all its financial assets and liabilities at cost or amortized Sales taxes receivable 26,417 7,724cost. Other receivable - 2,756Financial assets and liabilities measured at amortized cost include cash, term deposits, accounts 27,570 11,200receivable and accounts payable and accrued liabilities.Impairment 6. Capital assets2022 2021For financial assets measured at cost or amortized cost, the Association determines whether there Accumulated Net Netare indications of possible impairment. When there are, and the Association determines that a Cost amortization book value book valuesignificant adverse change has occurred during the period in the expected timing or amount of $ $ $ $future cash flows, a write-down is recognized in the statement of operations. If the indicators ofimpairment have decreased or no longer exist, the previously recognized impairment loss may be Computer hardware 10,759 9,352 1,407 1,502reversed to the extent of the improvement. The carrying amount of the financial asset may not begreaterthantheamountthatwouldhavebeenreportedatthedateofthereversalhadtheimpairmentnotbeenrecognizedpreviously.Theamountofthereversalisrecognizedinthe 7. Accounts payable and accrued liabilitiesstatement of operations. 2022 2021Use of estimates $ $The preparation of financial statements requires management to make estimates and assumptions Trade and accrued liabilities 32,791 30,585that affect the reported amounts of assets and liabilities and the amounts recognized as revenues Due to associations with board members in common 73,922 -and expenses for the periods covered. Actual results may differ from these estimates. 106,713 30,5854. Term deposits Amounts due to associations with board members in common were included in the 2021-2022approved PCH budget and were paid after March 31, 2022. Term deposits are comprised of 3 Guaranteed Investment Certificate (GIC) in the amounts of$105,063, $55,632 and $50,000, bearing interest at a minimum of 2.996% and a maximum of 8. Deferred contribution3.75%, 0.57% and 0.76% and maturing in November 2022, September 2022 and August 2022,respectively. 2022 2021$ $Balance, beginning of year 24,336 -Amount received and deferred during the year - 24,336Amount recognized as revenue during the year (24,336) -Balance, end of year - 24,33655 56"