3. Significant accounting policies(continued):  (in thousands)  2014  2013  Assets carried at amortized cost: Cash and cash equivalents  $ 34,510,514  $ 68,999,809  Royalty and amounts receivable  1,496,788  392,598  $ 36,007,302  $ 69,392,407  Liabilities carried at amortized cost: Long-term bank loan  $ 15,000,000  $  -  Liabilities carried at fair value: Tenure benefits  $  598,986  $  653,057  12  The following table presents the carrying amounts of each category of financial assets and  liabilities:  The Company must classify fair value measurements according to a hierarchy that reflects the  significance of the inputs usedin performing such measurements. TheCompany’s fair value  hierarchy comprises the following levels: Financial liabilities are classified as current liabilities if payment is due within twelve months. Otherwise, they are presented as non -current liabilities.  (l) Financial instruments (continued):  Financial liabilities at amortized cost: Financial liabilities at amortized cost include accounts  payable and accrued liabilities, and the amount drawn on the Company’s bank loan. These  items are initially recognized at theamount required to be paid less, when material, a  discount to reduce the payables to fair value or transaction costs incurred. Subsequently,  these items are measured at amortized cost using the effective interest rate method.  Level 1 – quoted prices are available in active markets for identical assets or liabilities as  of the reporting date. Active markets are those in which tr ansactions occur in sufficient  frequency and volume to provide pricing information on an ongoing basis.  Level 2 – pricing inputs are other than quoted in active markets included in Level 1. Prices  in Level 2 are either directly or indirectly observable as  of the reporting date.  Level 3 – valuations in this level are those with inputs for the asset or liability that are not  based on observable data.  DIVERSIFIED ROYALTY CORP .  Notes toConsolidatedFinancial Statements  (Unaudited)  (Expressed in Canadian dollars)  Year ended December 31, 2014 