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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)
39
15. Other Assets
Other assets are comprised of the following:
2016
2015
Accounts receivable
$ 9,211,719 5,365,761
Prepaid employee benefit (Note 19)
3,120,994 2,354,990
Prepaid expenses
2,131,905 2,102,420
Premiums receivable
1,322,565
720,807
Interest receivable on cash resources
17,620
54,985
Dividend receivable
55,000
55,000
Other Assets re Goodwill Credit Union (Note 28)
42,534
186,505
$ 15,902,337 10,840,468
16. Intangible Asset
2016
2015
Goodwill
$ 2,910,000 2,910,000
Impairment tests for goodwill
Goodwill is allocated to one cash-generating unit (CGU).
The recoverable amount for the CGU has been determined using value-in-use calculations. These
calculations use cash flow projections based on financial budgets approved by management covering a
three year period. Cash flows beyond the three year period are extrapolated using the estimated growth
rate stated below. The growth rate does not exceed the long-term average growth rates for the country
in which the CGU operates.
Key assumptions used for value-in-use calculations
Key assumptions are those to which the CGU's recoverable amount is most sensitive. The value-in-use
calculation was based on a discount rate of 20% and a growth rate of 7%.
Sensitivity to changes in assumptions
Management believes that no reasonably possible change in any of the above key assumptions would
cause the carrying value of the unit to exceed its recoverable amount.
