income (loss) with a corresponding adjustment to contributed surplus. When options are exercised, the proceeds,  together with the amounts recorded in contributed surplus, are recorded in share capital.  Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the  instrument. Financial assets are de-recognized when the rights to receive cash flows from the instruments have expired,  or when the Company has transferred substantially all risks and rewards of ownership.  Financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position  when there is a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net  basis, or realize the asset and settle the liability simultaneously.  Trade receivables, loans and other receivables which are non-derivative financial assets that have fixed or determinable  payment terms and are not quoted in an active market, are classified as loans and receivables. They are included in  current assets, except for maturities greater than 12 months after the reporting date, which are classified as non-current  assets. The Company’ s loans and receivables comprise accounts receivable relating to the Company’ s operations and  capital programs. Loans and receivables are recognized initially at fair value and subsequently measured at amortized cost using the  effective interest rate method, net of any impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Company will not  be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the  debtor, probability that the debtor will enter bankruptcy or financial reorganization, and default or significant delinquency  in payments are considered indicators that a trade receivable is impaired. The Company’ s investments in publicly-listed companies are classified as available-for-sale investments.  Investments in publicly-listed companies are recognized initially at fair value and subsequently are fair valued using the  closing price on the reporting date of the financial statement. Gains or losses arising from changes in fair value are  recognized in other comprehensive income (loss). Available-for-sale investments are classified as current assets, if management expects to dispose of the investments  within twelve months. Such investments are deemed to be impaired when there is evidence of a significant and  prolonged decline in value. When an available-for-sale investment is sold or deemed to be impaired, the accumulated  gains or losses are transferred from accumulated other comprehensive income to the consolidated statement of income  (loss). Subsequent gains are recorded in other comprehensive income (loss) while subsequent losses are recorded in  the consolidated statement of income (loss).  Derivative contracts may be used by the Company to manage exposure to market risks related to commodity prices,  exchange rates and interest rates. Storm does not use derivative contracts for speculative purposes. The Company  does not designate its derivative contracts as hedges, and as such does not apply hedge accounting. All derivative  contracts are recorded on the consolidated statement of financial position at fair value.  Accounts payable and accrued liabilities are obligations to pay for goods or services that have been acquired in the  ordinary course of business from suppliers or under joint ventures or similar arrangements. Accounts payable are  classified as current liabilities if payment is due within one year or less. Borrowing costs attributable to the acquisition, construction or development of assets that require a considerable  period of time to be ready for their intended use are added to the cost of those assets, until such time as the assets  Accounts payable and accrued liabilities Borrowing Costs  Derivative contracts  Investments Trade receivables, loans and other receivables Financial Instruments 57 