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The following table summarizes the valuation techniques and significant unobservable inputs used in the fair value measurement level 3 financial instruments: 

## Type of asset/liability 

Investment in common shares 

Warrants 

Interest of others in consolidated funds 

## Valuation technique(s) 

Net asset valuation 

Black-Scholes model 

Discounted cash flows 

## Significant unobservable input(s) 

• Forward exchange rates (from observable forward exchange rates at the end of the reporting period) 

• Discount rate 

• Volatility 

• Future cash flows 

• Discount rate 

• Terminal capitalization rate 

• Investment horizon 

## Relationship of unobservable input(s) to fair value 

• Increases (decreases) in the forward exchange rate would increase (decrease) fair value 

• Increases (decreases) in discount rate will decrease (increase) the fair value 

• Increases (decreases) in volatility would increase (decrease) fair value 

• Increases (decreases) in future cash flows increase (decrease) fair value 

• Increases (decreases) in discount rate will decrease (increase) the fair value 

• Increases (decreases) in terminal capitalization rate will decrease (increase) the fair value 

• Increases (decreases) in the investment horizon will increase (decrease) the fair value 

The following table presents the change in the balance of financial assets and liabilities classified as Level 3 as at December 31, 2013 and December 31, 2012: 

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1. Includes foreign currency translation 

There were no transfers in or out of level 3 financial assets or liabilities in 2013 or 2012. 

## 7. ACCOUNTS RECEIVABLE AND OTHER 

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The current and non-current balances of accounts receivable and other are as follows: 

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## a) Accounts Receivable 

Accounts receivable includes $592 million (2012 – $647 million) of unrealized mark-to-market gains on energy sales contracts and $764 million (2012 – $994 million) of completed contracts and work-in-progress related to contracted sales from the company’s 

