19 / 72
17
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
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)
7
1.
Corporate Information
The Barbados Public Workers’ Co-operative Credit Union Limited (the “Credit Union”) was registered
on May 6, 1970, and continued under the Co-operatives Societies Act of Barbados 1990-23. Its
registered office is located at “Olive Trotman House”, Keith Bourne Complex, Belmont Road, St.
Michael.
The principal activities of the Credit Union are the provision of savings products and credit facilities to
its members and to educate them in co-operative principles.
2.
Accounting Policies
(a) Basis of preparation
These non-consolidated financial statements have been prepared on a historical cost basis, except for
available-for-sale investments which have been measured at fair value.
Statement of compliance
These non-consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board
(IASB).
Consolidated financial statements have been issued and reported on separately.
(b) Significant accounting judgments, estimates and assumptions
The preparation of the non-consolidated financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the application of accounting
policies and the amounts reported in the financial statements and accompanying notes. Actual
amounts may differ from these estimates.
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances. Revisions to accounting estimates are recognised in the period in which the estimates
are revised and in any future periods affected.
The estimates and judgments that have a significant risk of causing material adjustment to the carrying
amount of assets and liabilities within the next financial year are discussed below.