b'EPRA ANNUAL REPORT 2014(f)Financial instruments: an impairment loss will be reversed to the extent Financial instruments are recorded at fair valueof the improvement, not exceeding the initial on initial recognition. Equity instruments that arecarrying value. quoted in an active market are subsequently(g) Use of estimates:measured at fair value. All other financialThe preparation of financial statements requires instruments are subsequently recorded at costmanagement to make estimates and assumptions or amortized cost, unless management hasthat affect the reported amounts of assets and elected to carry the instruments at fair value. Theliabilities and disclosure of contingent assets and Association has not elected to carry any suchliabilities at the date of the financial statements financial instruments at fair value. and the reported amounts of revenue andTransaction costs incurred on the acquisition ofexpenses during the year. Significant items subject financial instruments measured subsequently atto such estimates and assumptions include the fair value are expensed as incurred. All otherallowance for doubtful accounts, accruals for financial instruments are adjusted by transactionprocessing end-of-life electronic products and costs incurred on acquisition and financingenvironmental handling fees, accrued revenue costs, which are amortized using the straight-lineand amortization of capital assets. Actual results method. could differ from those estimates.Financial assets are assessed for impairment on2. Accounts receivable:an annual basis at the end of the fiscal year if there are indicators of impairment. If thereIncluded in accounts receivable is an amount totaling is an indicator of impairment, the Association$1,400,000 (2013 - $1,400,000) owing from the British determines if there is a significant adverse changeColumbia administration service provider that was in the expected amount or timing of futureadvanced in order to finance the regions operations. cash flows from the financial asset. If there is aThe advance is unsecured, non-interest bearing and due significant adverse change in the expected cashon demand.flows, the carrying value of the financial asset is reduced to the highest of the present value3. short-term investments:of the expected cash flows, the amount thatShort-term investments consists of a guaranteed could be realized from selling the financial assetinvestment certificate (GIC), bearing interest at 1.65% or the amount the Association expects to realizeand redeemable on March 31, 2015.by exercising its right to any collateral. If events and circumstances reverse in a future period,4. Long-term investments:Long-term investments consists of GIC, bearing interest at 1.40% and maturing on August 10, 2016.5. Capital assets:2014 2013Accumulatednet book Net book Costamortizationvalue valueSoftware$443,763$290,386$153,377 $301,297Furniture and equipment114,55028,74885,802 86,489Leasehold improvements47,3406,49640,844 19,560 $605,653$325,630$280,023 $407,34624'