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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
30
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)
20
2.
Accounting Policies...(continued)
(e) Standards in issue but not yet effective
New standards, interpretations and amendments to existing standards that are not yet effective and
have not been early adopted by the Credit Union are as follows:
IFRS 9 – Financial Instruments (tentatively effective 1 January 2018)
IAS 32 – Offsetting Financial Assets and Financial Liabilities (Amendments) (effective 1 January 2014)
IAS 36 – Recoverable Amount Disclosures for Non-Financial Assets (Amendments) (effective 1
January 2014)
None of these is expected to have a significant effect on the financial statements of the Credit Union in
the period of adoption, except for IFRS 9 Financial Instruments, which tentatively becomes mandatory
for the Credit Union’s 2019 financial statements, and is expected to impact the classification and
measurement of financial assets and financial liabilities. A description of this standard is provided
below.
IFRS 9 —
FINANCIAL INSTRUMENTS
IFRS 9 was issued in November 2009 and contains requirements for financial assets. 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 were added in October 2010, and they largely 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.