The following table shows a reconciliation of the accumulated other comprehensive income from derivatives designated as cash flow hedges and an analysis of other comprehensive income relating to hedge accounting:
Accumulated Other Comprehensive Income - Cash Flow Hedges
2022
2021
Balance at beginning of year
$
33,688 $
96,006
Amounts recognized in other comprehensive income, net of tax: Interest rate risk - Interest rate swaps and bond forward contracts Effective portion of changes in fair value
(30,957) (20,744)
(15,660) (49,028)
Amounts reclassified to net income
Equity risk - Equity swaps
Effective portion of changes in fair value
(7,895)
9,463
Amounts reclassified to net income
4,236
(7,093)
Balance at End of Year
$
(21,672) $
33,688
11. OTHER ASSETS
As at October 31 2022
As at October 31 2021
Accounts receivable
$
135,840 $
53,156 74,954 13,310 50,772 47,768 14,055 13,879 13,269
Accrued interest receivable
116,281 72,810 42,248 31,669 17,647 13,590
Derivative collateral receivable
(Note 25)
Deferred tax assets
(Note 19)
Income tax receivable
(Note 19)
Prepaid expenses Financing costs (1)
Other
5,311
Total
$
435,396 $
281,163
(1) Amortization for the year amounted to $5,042 (2021 – $3,835).
12. DEPOSITS
Deposits are accounted for on an amortized cost basis. Costs relating to the issuance of fixed term deposits are amortized over the expected life of the deposit using the effective interest method.
As at October 31, 2022
Business and Government
Individuals
Total
Payable on demand Payable after notice Payable on a fixed date
$
35,688 $
1,314,615 $
1,350,303
6,654,784
6,456,577 8,066,284
13,111,361 18,557,383
10,491,099
Total
$
17,181,571 $
15,837,476 $
33,019,047
As at October 31, 2021
Business and Government
Individuals
Total
Payable on demand Payable after notice Payable on a fixed date
$
41,271 $
1,310,964 $
1,352,235
7,274,688 7,882,861
5,838,025 7,627,930
13,112,713 15,510,791
Total
$
15,198,820 $
14,776,919 $
29,975,739
A summary of all outstanding deposits payable on a fixed date, by contractual maturity date, follows:
As at October 31 2022
As at October 31 2021
Within 1 year
$
8,378,041 $
7,054,012
1 to 2 years
5,006,300
3,928,322
2 to 3 years
2,440,222
2,261,152
3 to 4 years
852,884
1,111,274
4 to 5 years
1,314,457
652,183
More than 5 years
565,479
503,848
Total
$
18,557,383 $
15,510,791
CWB Financial Group 2022 Annual Report | 93
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