35
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
23
2.
Accounting Policies,
continued
2.4 Changes in accounting policy and disclosures,
continued
IFRS 9 —
Financial Instruments
In July 2014, the IASB released the final version of IFRS 9
Financial Instruments
. 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: amortised cost and
fair value through profit or loss. IFRS 9 also replaces the models for measuring equity instruments, and
such instruments are recognised 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 recognised 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.
Requirements for financial liabilities carried forward existing requirements in IAS 39, except that fair
value changes due to credit risk for liabilities designated at fair value through profit and loss would
generally be recorded in the statement of other comprehensive income. It also includes guidance on
hedge accounting. The standard is effective for annual periods beginning on or after January 1, 2018,
with earlier application permitted. The Group is currently evaluating the impact of the standard on its
financial statements.
3.
Net Interest Income
2016
2015
Interest income
Loans and advances
$ 85,361,672 76,893,379
Financial investments
1,915,658 1,676,025
Cash resources
2,184,945 2,360,547
89,462,275 80,929,951
Interest expense
Deposits
30,791,965 28,328,098
Loans payable
2,185,721 2,847,879
32,977,686 31,175,977
Net interest income
$ 56,484,589 49,753,974
