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WSPS 2014 Annual Report

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31 2014 annual report  |  Workplace Safety & Prevention Services Workplace Safety & Prevention Services Notes to Financial Statements December 31, 2014 24. ECoNoMiC DEPENDENCE The Association is dependent on the MOL for funding the cost of operations. 25. FiNaNCial iNstruMENts Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Association's financial instruments that are exposed to concentrations of credit risk relate primarily to cash and cash equivalents, short term investments and accounts receivable. The Association manages its exposure to this risk by maintaining its cash and cash equivalents, and investments with a major Schedule I bank and where feasible obtaining prepayment for courses held. Accounts receivable is net of an impairment allowance of $207,781 (2013 – $363,367). liquidity risk Liquidity risk is the risk that the Association encounters difficulty in meeting its obligations associated with financial liabilities. Liquidity risk arises from accounts payable and accrued liabilities, vacation payable, attendance credits, exit benefits, deferred WSIB surplus, employee future benefits and commitments. The Association continues to focus on maintaining adequate liquidity to meet operating working capital requirements and capital expenditures. 26. CoMParativE FigurEs The comparative figures have been restated to conform with the financial statement presentation adopted in the current year.

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