District of Lake Country
Notes to Financial Statements
For the year ended December 31, 2015
3. Current and future accounting changes (continued)
Future accounting changes (continued)
PS 2601 – Foreign currency translation
This section revises and replaces the existing Section PS 2600 Foreign currency translation. This
section applies to fiscal years beginning on or after April 1, 2019, with early adoption permitted.
PS 3041 – Portfolio investments
This section revises and replaces the existing Section PS 3040 Portfolio investments. This section
applies to fiscal years beginning on or after April 1, 2019, with early adoption permitted.
PS 3450 – Financial instruments
This section establishes standards for recognizing and measuring financial assets, financial liabilities
and non-financial derivatives. This section applies to fiscal years beginning on or after April 1, 2019,
with early adoption permitted.
4. Cash and cash equivalents
Cash and cash equivalents are recorded at cost and are comprised of the following:
2015
Cash
Term Deposits
Municipal Finance Authority Investment Funds
Chartered Bank Accrual Notes and Debentures
Total Cash and Cash Equivalents
$
$
128,192
7,078,192
7,883,720
2,214,253
17,304,357
2014
$
$
297,627
4,115,600
3,732,826
3,717,074
11,863,127
Included in 2015 cash and cash equivalents is $754,359 (2014 - $769,498) relating to performance
deposits, the use of which is subject to certain restrictions.
Operating line of credit
The District has an operating line of credit with the Canadian Imperial Bank of Commerce for an
authorized amount of $1,500,000, bearing interest at bank prime rate. At December 31, 2015 the
balance outstanding on the operating line of credit was $nil (2014 - $nil).
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2015 Annual Report
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