b"Canadian School Boards AssociationsNotes to Financial StatementsMarch 31, 20251. Significant Accounting Policies (continued)Impairment of Long-lived CapitalassetsaretestedforrecoverabilitywhenevereventsorAssets changes in circumstances indicate that their carrying amount maynotberecoverable.Animpairmentlossisrecognizedwhenthecarrying amount of the asset exceeds the sum of the undiscountedDraft for discussioncashflowsresultingfromitsuseandeventualdisposition.Theimpairment loss is measured as the amount by which the carryingamount of the long-lived asset exceeds its fair value.Financial Instruments Arm's length financial instruments are recorded at fair value atinitial recognition. Related party financial instruments quoted in an active market orthose with observable inputs significant to the determination offairvalueorderivativecontractsarerecordedatfairvalueatinitialrecognition.Allotherrelatedpartyfinancialinstrumentsare recorded at cost at initial recognition.Insubsequentperiods,equitiestradedinanactivemarketandderivatives are reported at fair value, with any change in fair valuereported in income. All other financial instruments are reported atcostoramortizedcostlessimpairment.Transactioncostsontheacquisition, sale or issue of financial instruments are expensed forthoseitemsmeasuredatfairvalueandchargedtothefinancialinstrument for those measured at amortized cost.Financialassetsaretestedforimpairmentwhenindicatorsofimpairment exist. When a significant change in the expected timingoramountofthefuturecashflowsofthefinancialassetisidentified, the carrying amount of the financial asset is reduced andtheamountofthewrite-downisrecognizedinnetincome.Apreviouslyrecognizedimpairmentlossmaybereversedtotheextentoftheimprovement,provideditisnotgreaterthantheamount that would have been reported at the date of the reversalhad the impairment not been recognized previously, and the amountof the reversal is recognized in net income.Use of Estimates ThepreparationoffinancialstatementsinaccordancewithCanadianaccountingstandardsfornot-for-profitorganizationsrequiresmanagementtomakeestimatesandassumptionsthataffect the reported amounts of assets and liabilities at the date thefinancialstatements,andthereportedamountsofrevenuesandexpenditures during the reporting period. Actual results could differfrommanagement'sbestestimatesasadditionalinformationbecomesavailableinthefuture.Itemssubjectedtoestimatesinclude, but are not limited to, estimated useful life of property andequipmentandtheamountofdeferredrevenuetorealizethroughout the year.82"