BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
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2.
Accounting Policies...(continued)
(d) Changes in accounting policy and disclosures
New and amended standards and interpretations
The accounting policies adopted are consistent with those used in the previous financial year except
for the adoption of the following standards, amendments and interpretations.
IFRS 7 – Disclosures – Transfers of Financial Assets (Amendments) (effective 1 July 2011)
Adoption of these revised standards and interpretations did not have an effect on the financial
performance and position of the Credit Union.
(e) Standards in issue but not yet effective
New standards, interpretations and amendments to existing standards that are not yet effective and
have not been early adopted by the Credit Union are as follows:
IFRS 7 – Disclosures: Offsetting Financial Assets and Financial Liabilities (Amendments) (effective 1
January 2013)
IFRS 9 – Financial Instruments (effective 1 January 2015)
IFRS 10 – Consolidated Financial Statements (effective 1 January 2013)
IFRS 11 – Joint Arrangements (effective 1 January 2013)
IFRS 12 – Disclosure of Interests in Other Entities (effective 1 January 2013)
IFRS 13 – Fair Value Measurement (effective 1 January 2013)
IAS 1 – Presentation of Items of Other Comprehensive Income (Amendments) (effective 1 July 2012)
IAS 19 – Employee Benefits (Revised) (effective 1 January 2013)
IAS 27 – Separate Financial Statements (Revised) (effective 1 January 2013)
IAS 28 – Investments in Associates and Joint Ventures (effective 1 January 2013)
IAS 32 – Offsetting Financial Assets and Financial Liabilities (Amendments) (effective 1 January 2014)
None of these is expected to have a significant effect on the financial statements of the Credit Union in
the period of adoption, except for IFRS 9 Financial Instruments, which becomes mandatory for the
Credit Union’s 2016 financial statements, and is expected to impact the classification and
measurement of financial assets and financial liabilities. A description of this standard is provided
below.
IFRS 9 —
FINANCIAL INSTRUMENTS
IFRS 9 was issued in November 2009 and contains requirements for financial assets. This standard
addresses classification and measurement of financial assets and replaces the multiple category and
measurement models for debt instruments in IAS 39, Financial Instruments: Recognition and
Measurement, with a new mixed measurement model having only two categories: amortized cost and
fair value through profit or loss. IFRS 9 also replaces the models for measuring equity instruments,
and such instruments are recognized either at fair value through profit or loss or at fair value through
other comprehensive income. Where such equity instruments are measured at fair value through other
comprehensive income, dividends are recognized in profit or loss insofar as they do not clearly
represent a return on investment; however, other gains and losses (including impairments) associated
with such instruments remain in accumulated comprehensive income indefinitely.
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
