2017 Annual Report

87 City of Chilliwack 2017 Annual Report TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements (continued) Year ended December 31, 2017 1. Significant accounting policies (continued): (e) Revenue recognition: Grant revenues are recognized when the grants have been approved and the conditions required to earn the grants have been completed. Revenue from the sale of goods is recorded at time of sale. Advertising commission revenue is recognized when the related advertisement or commercial appears before the public. (f) Long-term investments: Long-term investments are recorded at amortized cost plus accrued interest. If it is determined that there is a permanent impairment in the value of an investment, it is written down to net realizable value. (g) Budget figures: Budget figures represent the budget approved by board of directors on September 20, 2016. (h) Use of estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Actual results could differ from those estimates. 2. Long-term investments: 2017 2016 Term deposit with interest at 0.65%, maturing on December 29, 2020 $ 125,000 $ 119,770 Term deposit with interest at 0.65%, maturing on December 30, 2020 100,000 96,989 $ 225,000 $ 216,759 6 Tourism Chilliwack Inc. Financial Statements