2. Basis of preparation (continued):

(e) Use of estimates and judgements (continued):

(v) Note 17 – Financial instruments and risk management: valuation of financial instruments

Information about critical judgements in applying policies that have the most significant effect on the amounts recognized in the financial statements, include:

(i) The Commission’s determination that they are acting as a principal or agent to a transaction and their presentation of the transaction on a gross or net basis.

3. Significant accounting policies:

The accounting policies set out below have been applied consistently to all years presented in these financial statements.

Cash and cash equivalents

Amortized cost

Investment

Fair value through income or loss

Accounts receivable

Amortized cost

Investment, sinking fund

Fair value through income or loss

Accounts payable and accruals

Amortized cost

Long-term borrowings

Amortized cost