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
2023
2022
Balance at beginning of year
$
(21,672)
$
33,688
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
(57,959)
(30,957) (20,744)
Amounts reclassified to net income
32,904
Equity risk - Equity swaps
Effective portion of changes in fair value
2,901
(7,895)
Amounts reclassified to net income
(601)
4,236
Balance at End of Year
$
(44,427)
$
(21,672)
11. OTHER ASSETS
As at October 31 2023
As at October 31 2022
Accounts receivable
$
51,006 $
135,840 116,281 72,810 42,248 31,669 17,647
Accrued interest receivable
146,290 115,380
Derivative collateral receivable
(Note 25)
Deferred tax assets
41,492
(Note 19)
Income tax receivable
4,640
(Note 19)
Prepaid expenses
19,289
Financing costs
119
999
Other
3,782
5,311
Total
$
381,998 $
422,805
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, 2023
Business and Government
Individuals
Total
Payable on demand Payable after notice Payable on a fixed date
$
30,380
$
980,924 $
1,011,304
6,616,801
6,139,026 6,434,601
12,755,827 19,561,318
13,126,717
Total
$
19,773,898
$
13,554,551 $ 33,328,449
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 8,057,699
13,111,361 18,548,798
10,491,099
Total
$
17,181,571
$
15,828,891 $ 33,010,462
A summary of all outstanding deposits payable on a fixed date, by contractual maturity date, follows:
As at October 31 2023
As at October 31 2022
Within 1 year
$
9,457,625
$
8,378,041
1 to 2 years
3,792,308
5,006,300
2 to 3 years
2,460,089
2,440,222
3 to 4 years
1,750,918
852,884
4 to 5 years
1,905,103
1,305,872
More than 5 years
195,275
565,479
Total
$
19,561,318
$ 18,548,798
90 | CWB Financial Group 2023 Annual Report
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