2015_LCC Annual Report

PRINCE EDWARD ISLAND LIQUOR CONTROL COMMISSION Notes to Financial Statements March 31, 2015

Accounts Receivable

5.

2015

2014

$

$

Trade receivables

702,115 74,919 777.034

1,081,971

Province of Prince Edward Island

75,339

1.157.310

All amounts in the accounts receivable balance are short-term. The net carrying value of trade receivables is considered a reasonable approximation of fair value.

The receivable due from the Province of Prince Edward Island relates to a wage reimbursement for one employee on secondment to the Commission. The carrying amount of the receivable is considered a reasonable approximation of fair value as this financial asset is expected to be paid within the year, such that the time value of money is not significant. All of the Commission’s trade and other receivables have been reviewed for indications of impairment. It is management’s assessment that all amounts are collectable and none are impaired.

6.

Inventories

2015

2014

$

$

Warehouses

4,110,822 3,347.988 7.458.810

4,454,733 3,130,148 7.584.881

Stores

Inventories recognized in the statement of financial position consist of liquor products held for sale. In 2015, a total of $38,891,110 of inventories was included in the statement of comprehensive income as a cost of goods sold (2014 - $38,107,265). inventories. No reversals of previous write-downs were recognized as a reduction of expense in 2015 or 2014. None of the inventories are pledged as security for liabilities. There were no write-downs of