54 / 61
PRINCE EDWARD ISLAND
LIQUOR CONTROL COMMISSION
Notes to Financial Statements
March 31,2015
10.
Financial Instruments (continued..)
Fair Value (continued...)
Fair values for accounts receivable, accounts payable, accrued liabilities, and amounts due
to the Province of Prince Edward Island approximate their carrying amounts due to their
short-term nature.
The fair values of debentures payable and obligations under finance leases are not
materially different from their carrying value as there has not been a significant fluctuation in
interest rates.
Transaction Costs
Transaction costs for fair value through profit or loss instruments are recognized as profit or
loss immediately while transaction costs for other financial
instruments form part of the
original value of the financial instrument.
De-recognition
De-recognition of a financial instrument occurs when the contractual rights to the cash flow
generated by the asset expire, when the financial asset and substantially all of the risks and
rewards are transferred to a third party, or when the obligation in the contract is discharged,
cancelled, or expires.
The carrying amounts presented in the statement of financial position relate to the following
categories of financial assets and liabilities:
2015
2014
$
$
Financial Assets
Financial assets at fair value through profit or loss, designated
as held for trading
Cash
2,514,863
1,786,650
Loans and receivables measured at amortized cost
Accounts receivable (Note 5)
777,034
1,157,310
3.291,897
2.943.960