MACC Annual Report 2002/03 - Manitoba Agricultural Services ...

The Manitoba Agricultural Credit Corporation
Notes to the Financial Statements
As at March 31, 2003
2. Significant Accounting Policies (continued)
g) Financial Instruments (continued)
Fair Value of Financial Instruments
Because of the relatively short period to maturity, short-term financial instruments are valued at
cost and adjusted for any applicable allowance for doubtful accounts. This is considered to be
equivalent to fair value and applies to cash, other receivables, long-term funding commitments,
accounts payable, and accrued liabilities. Fair values of mortgages receivable and advances
from the Province of Manitoba are disclosed in their respective notes.
h) Donated Services
The Province of Manitoba provides certain administrative services at no charge to the
corporation. The estimated fair value of $72,100 for these services is included in salaries
expenditure and donated services revenue in these financial statements.
i) Measurement Uncertainty – Use of Estimates
The preparation of financial statements in conformity with Canadian generally accepted
accounting principles 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 revenues and expenses during the
reporting period. Actual results could differ from those estimates.
3. Cash
2003 2002
(000s)
(000s)
Cash on hand in bank $ 416 $ 265
Cash on deposit with Province of Manitoba 9,452 12,380
$ 9,868 $ 12,645
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2002-2003 ANNUAL REPORT