BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
18
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
8
2.
Accounting Policies...(continued)
(b) Significant accounting judgments, estimates and assumptions...(continued)
Measurement of fair values
A number of the Credit Union’s accounting policies and disclosures require the measurement of fair
values, for both financial and non-financial assets and liabilities.
The Credit Union has an established control framework with respect to the measurement of fair values.
This includes the services of a professional valuation team that has overall responsibility for
overseeing all significant fair value measurements, including Level 3 fair values. This team reports
directly to the Credit Risk Manager. They also review market estimates where assets and liabilities are
traded in active markets.
Significant valuation issues are reported to the Asset Liability Committee (ALCO) which has oversight
of the Credit Union’s investment policy. This Committee meets quarterly to review any challenges as it
relates to the carrying value of the Credit Union’s assets and liabilities.
When measuring the fair value of an asset or a liability, the Credit Union uses market observable data
as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on
the inputs used in the valuation techniques as disclosed in Note 24.
If the inputs used to measure the fair value of an asset or a liability might be categorized in different
levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the
same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement.
The Credit Union recogni
s
es transfers between levels of the fair value hierarchy at the end of the
reporting period during which the change has occurred.
