BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
34
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
18
2.
Accounting Policies,
continued
(c) Summary of significant accounting policies,
continued
k)
Recognition of income and expenses,
continued
Fees and commission income
Fees and commission income are generally recognised on an accrual basis when the service has
been provided.
Dividend income
Dividend income is recognised when the right to receive the dividend is established.
(d) Changes in accounting policy and disclosures
Standards, interpretations and amendments to existing standards effective for the current year
The Credit Union has consistently applied the accounting policies set out in Note 2 to all periods
presented in these financial statements.
During the year, certain new standards, interpretations and amendments to the existing standards
became effective. Management has assessed that these new standards, interpretations and
amendments to the existing standards where relevant did not have any significant impact on the
preparation of these financial statements. The application of these pronouncements has therefore not
been reflected in these financial statements.
